7. Determining Budget Variances. Fran Bowen created the following budget: Food, $350 Clothing, $100 Transportation, $320 Personal
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7. Determining Budget Variances. Fran Bowen created the following budget:
Food, $350 Clothing, $100 Transportation, $320 Personal expenses and recreation, $275 Housing, $950 She actually spent $298 for food, $337 for transportation, $982 for housing, $134 for clothing, and $231 for personal expenses and recreation. Calculate the variance for each of these categories, and indicate whether it was a deficit or a surplus. (Obj. 4)
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