The Munchkin Theater is a nonprofit organization devoted to staging plays for children. The theater has a very small full- time professional administrative staff. Through a special arrangement with the actors' union, actors and directors rehearse without pay and are paid only for actual performances. The Munchkin Theater has asked for your help in preparing a Planning budget at the beginning of the year and evaluating actual expenses at the end of the year. The theater expects to put on five different productions with a total of 60 performances. For example, one of the productions is Peter Rabbit, which had been budgeted for five performances. After interviewing various people affiliated with the theater you have developed the following estimated cost formulas for each of the eight expenses that will be included in your Planning budget: Cost Formulas Per Per Production Performance Fixed Actors and directors' wages $2,400 Stagehands' wages $ 450 Ticket booth personnel and ushers! wages $ 180 Scenery, costumes, and props 58,600 Theater hall rent $ 750 Printed programs Publicity $2,600 Administrative expenses $1,296 $ 72 $32,400 $ 175 By the end of the year, The Munchkin Theater actually put on four productions and a total of 64 performances. The actual expenses incurred during the year were as follows: Actors and directors wages Stagehands wages Ticket booth personal and users wages Scenery, costumes, and props Theater hall rent Printed programs Publicity Administrative expenses Total 3159.200 28,000 12.300 39,300 49.600 10.950 12.000 41.6 Chore to download the Excel template that you will use to create the planning Budget and Flexible Buddies Complete this question by entering your answers in the tabs below. Reg 2 Req 1 Reg 3 Req 4 Req 5 Req 6 Req 7 Reg 8 Go to the "Planning Budget" tab within your template. Prepare the planning budget in column E of the spreadsheet using the following three-step process. a. Create a formula for actors' and directors' wages in cell E10. Make sure your formula is designed so that you can copy and paste it into cells E11 through E17. What is the total amount of actors' and directors' wages in your planning budget? b. Copy your formula from cell E10 into cells E11 through E17. What is the total amount of administrative expenses in your planning budget (cell E17)? c. Use the AutoSum feature to calculate the total amount of expenses in your planning budget (cell E18). What is the total amount? Show less 1-a. 1-b. 1-c. Total amount of actors' and directors' wages Total amount of administrative expenses Total amount of expenses Req 2 > spending variances are highlig Complete this question by entering your answers in the tabs below. Req1 Rea ? Req3 Req8 Reg 4 Reg 5 Reg 6 Reg 7 Go to the Performance Report" tab within the Excel template for the remainder of the requirements. Prepare a flexible budget in column H of the spreadsheet using the following three-step process. a. Create a formula for actors and directors' wages in cell H10. Make sure your formula is designed so that you can copy and paste it into cells H11 through H17. What is the total amount of actors' and directors wages in your flexible budget? b. Copy your formula from cell H10 into cells H11 through H17. What is the total amount of administrative expenses in your flexible budget (cell H17)? Use the AutoSum feature to calculate the total amount of expenses in your facible budget (cell H18). What is this total amount? Show less 2 a 2-b. 2-6. Total amount of actors and directors' wages Total amount of administrative expenses Total amount of all expenses Complete this question by entering your answers in the tabs below. Reg 8 1993 Reg 2 Req 4 Reg 5 Reg 1 Reg 2 Reg 6 Calculate the amount of the spending variances in column Fusing the following five-step process (Do not worry about labeling the variances as U or Fat this point): (Negative amount should be indicated by a minus sign.) a. Create a formula for the actors and directors' wages spending variance in cell M10. What is the amount of the spending variance for actors' and directors' wages? b. Copy your formula from cell M10 into cells M11 through M17. What is the amount of the spending variance for administrative expenses (cell M17)? c. Use the AutoSum feature to calculate the total spending variance in cell M18. What is the total spending variance? d. Using the Absolute Value function, input the absolute values of the amounts in cells M10 through M18 into cells F10 through F18 e. Hide column M Show less 3-a Amount of the spending variance for actors and directors' wages 3-b. Amount of the spending variance for administrative expenses 3-6 Total spending variance *
