Break down the flexible budget variance into price and efficiency variances. What do these variances tell you? As you look through the responses to your emailed requests for information, you recognize that much of the cost data are incompletemany expenses haven't yet been paid from EAPC accounts. You determine that the best place to start your analysis is with the disastrous welcome dinner, since that bill has already been paid. Hopefully the dinner information will help you find out what went wrong. The data you have to work with, at least for now, are as follows: Actual attendees: 1,234 Expected attendees: 1,220 Actual cost per dinner: 58 Budgeted cost per dinner: 60 (The budget was set at the beginning of December 2014.) Dinner costs (in British pounds) were incurred on May 19, the day of the event. Dinner costs were invoiced and paid (in euros) on May 21 from EAPC accounts