Budget Details: Sales Budget: Forecasted Sales: $8,000,000 Actual Sales: $7,500,000 Expense Budget: Forecasted Expenses: $4,500,000 Actual Expenses:
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Question:
Budget Details:
- Sales Budget:
- Forecasted Sales: $8,000,000
- Actual Sales: $7,500,000
- Expense Budget:
- Forecasted Expenses: $4,500,000
- Actual Expenses: $4,700,000
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 detailed table format.
- Discuss the potential actions to address budget variances.
- Evaluate the impact of variances on overall financial performance.
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