Budgeting at Apple Inc.

Apple Inc. is preparing its annual budget.

Values:

Item	Budgeted Amount	Actual Amount
Revenue	$150,000,000	$140,000,000
Expenses	$90,000,000	$85,000,000

Requirements:

1. Prepare a flexible budget variance report.
2. Calculate the revenue and expense variances.
3. Analyze the implications of these variances on financial performance.
4. Recommend actions to improve budgeting accuracy.