Budgeting and Variance Analysis (Retail Store)

Item	Amount
Budgeted sales	$1,000,000
Actual sales	$900,000
Budgeted variable costs	$600,000
Actual variable costs	$540,000
Fixed costs	$200,000
Actual fixed costs	$220,000

• Requirements:
  • Calculate the sales volume variance, flexible budget variance, and total budget variance.
  • Analyze the variances and provide insights into the store's performance.
  • Discuss strategies to improve budgeting and variance control.