The Gallery Route One (GRO) is a non-profit art gallery that conducts educational programs and shows the work of local artists. Its most popular fund-raising event is the "Box Show," where community based-artists create and donate artworks made out of simple pine boxes distributed by the Gallery. These are sold in a silent auction that benefits the Gallery's programs. You have been asked to analyze how the budgeted revenues for the FY 2021 Box Show compared to actuals so that the GRO can decide how it might improve the Box Show in the future.

• Prior to the auction, GRO budgeted that it would receive and sell 200 boxes, but due to the pandemic, some artists did not complete the boxes. It received and sold 5 percent fewer than budgeted.
• The average auction price for a box was, surprisingly, higher than anticipated, at an average of $126.50 per box, which was 15 percent above the average sales price built into its budget assumptions.

1. What had GRO budgeted to be the average sales price of boxes in its 2021 silent auction?

2. Based on the budgeted sales price and the budgeted numbers sold, what were the budgeted revenues expected from the GRO Box Show?

3. How many boxes were actually completed and returned to the Gallery Route One and sold at the auction?

4. What were the actual revenues received from the auction?

5. What was the total revenue variance?