For this assignment, refer to the scenario located in “Problems – Series A,” section 8-19A of Ch. 8, “Performance Evaluation,“ of Fundamentals of Managerial Accounting Concepts. This scenario puts you in charge of preparing a budget for the Redmond Management Association annual public relations luncheon.Read the scenario in the textbook and complete the activity below.Use Excel—showing all work and formulas—to complete the following:Prepare a flexible budget. Compute the sales volume variance and the variable cost volume variances based on a comparison between the master budget and the flexible budget.Compute flexible budget variances by comparing the flexible budget with the actual results.Create a 6- to 8-slide presentation for the budget committee meeting. Complete the following in your presentation:Summarize the results of the sales volume and variable cost volume variances computations based on the comparison between the master budget and the flexible budget.Summarize the results of the flexible budget variances computations based on the comparison between the flexible budget and the actual results.Justify the favorable or unfavorable budget variances.Since this is a not-for-profit organization, address why anyone should be concerned with meeting the budget.Make recommendations for what can be done differently to stay on budget for future luncheons. Provide specific examples to support your recommendations.