• Analyze budget variances for LMN Corporation using the following data:

  Category	Budgeted Amount ($)	Actual Amount ($)
  Personnel	$100,000	$110,000
  Marketing	$50,000	$45,000
  Operations	$80,000	$85,000

  Requirements:

  • Calculate the variance for each budget category.
  • Analyze the variances into favorable and unfavorable components.
  • Present the analysis in a detailed table format.
  • Discuss potential reasons for budget variances and recommend corrective actions.