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A company's budgeted revenue for the year was $500,000 with expected expenses of $350,000. Actual revenue turned out to be $480,000 and actual expenses were

A company's budgeted revenue for the year was $500,000 with expected expenses of $350,000. Actual revenue turned out to be $480,000 and actual expenses were $370,000. Calculate the revenue variance, expense variance, and the overall budget variance. Determine whether these variances are favorable or unfavorable.

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