Budgeting at Johnson & Johnson

Values:

Item	Budgeted Amount	Actual Amount
Revenue	$80,000,000	$78,000,000
Expenses	$45,000,000	$43,500,000

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.
4. Recommend actions to improve budgeting accuracy.