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Analyze budget variances for a department with the following data: Category Budgeted Amount ($) Actual Amount ($) Personnel 240,000 250,000 Supplies 55,000 52,000 Utilities 40,000


  1. Analyze budget variances for a department with the following data:

CategoryBudgeted Amount ($)Actual Amount ($)
Personnel240,000250,000
Supplies55,00052,000
Utilities40,00042,000
Maintenance45,00048,000

Requirements:

  • Calculate the variance for each budget category.
  • Analyze the variances into favorable and unfavorable components.
  • Present the analysis in a budget variance report.
  • Discuss potential reasons for budget variances.
  • Identify implications for future planning.
  • Provide recommendations for improving budget accuracy.

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