The activity variances in column I are influenced by two cost drivers-number of productions and number of performances. Therefore: a. In cell 121 create a formula that quantifies the portion of the overall activity variance that is caused solely by the fact that The Munchkin Theatre actually put on four productions instead of the planned number of five productions. What is the amount in cell I21? b. In cell 122 create a formula that quantifies the portion of the overall activity variance that is caused solely by the fact that The Munchkin Theatre actually put on 64 performances instead of the planned number of 60 performances. What is the amount in cell 122? c. Create IF-THEN statements in cells J21 and 22 that properly label your variances in cells 121 and 122 as favorable (F) or unfavorable (U). 7-a. 7-b. The portion of the overall activity variance due to productions The portion of the overall activity variance due to performances Show less Number of productions (q1) Number of performances(q) The Munchkin Theater Flexible Budget Performance Report For the Year Ended December 31 Cost Formulas Actual Results Spending Flexible Variances Budget Activity Variances Planning Budget 4 FOR U 4 5 64 64 60 Per Production Per Performance Fixed Actors' and directors' wages $ 2,400 $ 159,200 $ 5,600 $ 153,600 $ 9,600 $ 144,000 $ 5,600 Stagehands' wages $ 450 $ 28,600 $ 200 $ 28,800 $ 1,800 $ 27,000 $ (200) Ticket booth personnel and ushers' wages $ 180 $ 12,300 $ 780 $ 11,520 $ 720 $ 10,800 $ 780 Scenery, costumes, and props $ 8,600 $ 39,300 $ 4,900 $ 34,400 $ 8,600 $ 43,000 $ 4,900 Theater hall rent $ 750 $ 49,600 $ 1,600 $ 48,000 $ 3,000 $ 45,000 $ 1,600 Printed programs $ 175 $ 10,950 $ 250 $ 11,200 $ 700 $ 10,500 $ (250) Publicity $ 2,600 $ Administrative expenses $ 1,296 $ Total $ 12,496 $ 72 $ 4,027 $ 32,400 $ 12,000 $ 41,650 $ 542 32,400 $ 353,600 $13,488 1,600 $ 10,400 $ 2,600 $ 13,000 $ 1,600 $ $ 340,112 $ 42,192 $ 1,008 3,612 $ 43,200 $ (542) $ 336,500 $ 13,488 Activity Variances: By Cost Driver Portion due to number of productions Portion due to number of performances $ 17,100