Budgeting at Apple

Values:

• Budgeted Revenue: $40,000,000
• Actual Revenue: $38,000,000
• Budgeted Expenses: $20,000,000
• Actual Expenses: $19,500,000

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.