Appendix Three $($Static Budget Variance Analysis$)$

Objective:

Preparing a static budget variance analysis $($compare the actual income statement with the budgeted income statement$)$ and show all variances and indicate Favourable or Unfavourable for each variance.

Scenario:

In Appendix One, you are provided the actual Income Statement for the latest period. Below you will find the Budgeted Income Statement for that same period. Complete the template based on these two statements, then determine the variance amounts for each account along with whether each variance is U$/$F$.$