Budget Details:

• Sales Budget:
  • Forecasted Sales: $10,000,000
  • Actual Sales: $9,500,000

• Expense Budget:
  • Forecasted Expenses: $6,000,000
  • Actual Expenses: $6,500,000

Requirements:

• Prepare a budget variance analysis for sales and expenses.
• Calculate the variance for each category.
• Analyze the reasons for the variances.
• Present the analysis in a detailed table format.
• Discuss potential actions to address budget variances.