Budget Details:

• Sales Budget:
  • Forecasted Sales: $6,000,000
  • Actual Sales: $5,500,000
• Expense Budget:
  • Forecasted Expenses: $3,500,000
  • Actual Expenses: $3,700,000

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 table format.