Complete the chart by calculating the variance between the budgeted and actual amounts

(Column 4) and the percentage increase or decrease (Column 5).

Budget Category Budget Actual Variance %  or 

Sales $680,000 $720,000 Merchandise returns 11,000 12,500 Cost of goods 229,400 240,000 Operating expenses 52,000 46,500 Administrative costs 34,000 31,500 Marketing expenses 306,000 350,500 Net profit 47,600 39,000