The Greensboro Performing Arts Center (GPAC) has a total capacity of 7,700 seats: 2,000 center seats, 2,500 side seats, and 3,200 balcony seats. The budgeted and actual tickets sold for a Broadway musical show are as follows: Ticket PricePercentage OccupiedBudgeted SeatsActual SeatsCenter$ 7580%85%Side657075Balcony557565 The actual ticket prices were the same as those budgeted. Once a show has been booked, the total cost does not vary with the total attendance. Required:Compute the following for the show: 1. The budgeted and actual sales mix percentages for different types of seats.2. The budgeted average contribution margin per seat. Assume the ticket price is also the contribution margin.3-a. The total sales mix variance.3-b. The total sales quantity variance.4. The total sales volume variance. **Instructions: Completing the Budgeted Average Contribution Margin Calculation**To complete this question, enter your answers in the tabs below:- **Req 1**- **Req 2**- **Req 3A**- **Req 3B**- **Req 4****Task Explanation:**Calculate the budgeted average contribution margin per seat. Assume that the ticket price is also the contribution margin. Remember to round your answer to two decimal places.**Input Box:**- **Budgeted average contribution margin per seat:** [Input field for your answer] **Instruction for Answer Completion:**Complete this question by entering your answers in the tabs below.- **Req 1**- **Req 2**- **Req 3A**- **Req 3B**- **Req 4****Sales Mix Analysis:**The table below displays the budgeted and actual sales mix percentages for different types of seats. Please round your answers to four decimal places (e.g., 0.123456 = 12.3456%).**Sales Mix Table:**| Types of Seats | Budgeted Sales Mix | Actual Sales Mix ||----------------|--------------------|------------------|| Center | % | % || Side | % | % || Balcony | % | % | Use this template to analyze discrepancies between budgeted and actual seat sales mixes.

Budgeting:We predict the future through sales, purchases, expenses, etc; from the currently…

Answered: The Greensboro Performing Arts Center…

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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The Greensboro Performing Arts Center (GPAC) has a total capacity of 7,700 seats: 2,000 center seats, 2,500 side seats, and 3,200 balcony seats. The budgeted and actual tickets sold for a Broadway musical show are as follows:

	Ticket Price	Percentage Occupied
Budgeted Seats	Actual Seats
Center	$ 75	80%	85%
Side	65	70	75
Balcony	55	75	65

The actual ticket prices were the same as those budgeted. Once a show has been booked, the total cost does not vary with the total attendance.

Required:

Compute the following for the show:

1. The budgeted and actual sales mix percentages for different types of seats.

2. The budgeted average contribution margin per seat. Assume the ticket price is also the contribution margin.

3-a. The total sales mix variance.

3-b. The total sales quantity variance.

4. The total sales volume variance.

**Instructions: Completing the Budgeted Average Contribution Margin Calculation**

To complete this question, enter your answers in the tabs below:

- **Req 1**
- **Req 2**
- **Req 3A**
- **Req 3B**
- **Req 4**

**Task Explanation:**

Calculate the budgeted average contribution margin per seat. Assume that the ticket price is also the contribution margin. Remember to round your answer to two decimal places.

**Input Box:**

- **Budgeted average contribution margin per seat:** [Input field for your answer]

**Instruction for Answer Completion:**

Complete this question by entering your answers in the tabs below.

- **Req 1**
- **Req 2**
- **Req 3A**
- **Req 3B**
- **Req 4**

**Sales Mix Analysis:**

The table below displays the budgeted and actual sales mix percentages for different types of seats. Please round your answers to four decimal places (e.g., 0.123456 = 12.3456%).

**Sales Mix Table:**

| Types of Seats | Budgeted Sales Mix | Actual Sales Mix |
|----------------|--------------------|------------------|
| Center | % | % |
| Side | % | % |
| Balcony | % | % |

Use this template to analyze discrepancies between budgeted and actual seat sales mixes.

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The budgeted and actual sales mix percentages for different types of seats. (Round your answers to 4 decimal places. (i.e. .123456 = 12.3456%))

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### Instructions for Completing the Sales Mix Analysis

To complete this question, please enter your answers in the tabs provided above.

#### Task
Provide the budgeted and actual sales mix percentages for different types of seats.

#### Instructions for Rounding
Round your answers to four decimal places. For example, if the percentage is .123456, it should be expressed as 12.3456%.

#### Seat Types and Data Entry

Below are the categories for which you need to enter the data:

- **Center**
- Budgeted Sales Mix: Enter percentage here.
- Actual Sales Mix: Enter percentage here.

- **Side**
- Budgeted Sales Mix: Enter percentage here.
- Actual Sales Mix: Enter percentage here.

- **Balcony**
- Budgeted Sales Mix: Enter percentage here.
- Actual Sales Mix: Enter percentage here.

Ensure you enter the values correctly in each respective field to accurately reflect the sales data.

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