The Munchkin Theater is a nonprofit organization devoted to staging plays for children. The theater has a very small full time professional adminstrative 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 Fixed Actors and directors wages Stagehands wages Ticket booth personnel and users' wages Scenery, costumes, and props Theater hall rent Printed progrants Publicity Adhinistrative expenses Cost Formulas Per Per Production Performance 52,400 $ 450 $ 180 $8,600 $ 250 $ 175 $2,600 $1.296 $ 22 $32,000 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 ushers" wages Scenery, coutumes, and props Theater hall rent Printed program Publicity Administrative expenses Total $159, 2ee 28,600 12,10 19,300 49.6ee 19,95 12.000 $350.600 Complete this question by entering your answers in the tabs below. Req 2 Reg 1 Reg 3 Reg 4 Reg 5 Reg 6 Reg 8 Reg 7 Calculate the amount of the activity variances in column I using the following five-step process (Do not worry about labeling the variances as U or F at this point): (Negative amount should be indicated by a minus sign.) a. Create a formula for the actors and directors' wages activity variance in cell N10. What is the amount of the activity variance for actors' and directors' wages? b. Copy your formula from cell N10 into cells N11 through N17. What is the amount of the activity variance for administrative expenses (cell N17)? c. Use the AutoSum feature to calculate the total activity variance in cell N18. What is the total activity variance? d. Using the Absolute Value function, input the absolute values of the amounts in cells N10 through Nis into cells 110 through 118. e. Hide column N. Show less 5-a. 5.b. 5-c. Amount of the activity variance for actors and directors' wages Amount of the activity variance for administrative expenses Total activity variance Complete this question by entering your answers in the tabs below. Reg 2 Req3 Reg 5 Reg 8 Reg! Reg 4 Reg 6 Reg? Insert a favorable (F) or unfavorable (U) label in column) for each activity variance shown in column I using the following two-step processi a. Create an IF-THEN statement in cell 310 that properly labels the actors and directors' wages activity variance as favorable or unfavorable. (Hint: Your If-Then statement should be focused on the amounts in cells K10 and 110.) What label appears for this variance, For U? b. Copy your IF-THEN statement from cell 310 into cells 311 through 318. What label appears for the administrative expense activity variance For U? Show less 6-a 6-5 What label appears for this variance For U? What label appears for the administrative expense activity variance For U? Reg 5 Reg 4 Req 6 Req 7 Reg 1 Reg 3 Req8 Req 2 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 1212 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 1227 c. Create IF-THEN statements in cells 321 and 122 that properly label your variances in cells 121 and 122 as favorable (F) or unfavorable (U). Show less 7.a. The portion of the overall activity variance due to productions 7-b. The portion of the overall activity variance due to performances Required information Using Conditional Formatting, highlight all spending variances that varied by an absolute value of $1,000 or more. How marry of the spending variantes are highlighted? Number of spending variances Highlighted Req7 Req8 9. Using Conditional Formatting, highlight all spending varlances that vary from the flexible budget by an absolute value of 5% or more. (Hint: Within the conditional formatting drop down menu look for the appropriate formula in the "More rules" section. Also, make sure your formula doos not include any absolute references.) Which spending variances deviate from the flexible budget by at least 5%? (You may select more than one answer. Single click the box with the question mark to produce a check mark for a correct answer and double click the box with the question mark to empty the box for a wrong answer. Any boxes left with a question mark will be automatically graded as incorrect.) Actors and directors wages stagenanos wages 2 Ticket booth personnel and there wages scenery, costumes, and props 2 Theater nallant ? Printed programs 2 Pubicity 2 Aministrative expenses D INE Next