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Budget profit in foreign currency (FC) = 7,400; Actual profit in FC = 8,200 Exchange rate FC into U.S. dollars (USD): Beginning of year =

Budget profit in foreign currency (FC) = 7,400; Actual profit in FC = 8,200

Exchange rate FC into U.S. dollars (USD): Beginning of year = 0.62; End of year = 0.69

(a) What is the total budget variance in USD? You must state favorable or unfavorable.

(b) How much of the total budget variance is due to exchange rates based on beginning of the year rates? State favorable or unfavorable.

(c) How much of the total budget variance is due to exchange rates based on end of the year rates. State favorable or unfavorable.

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