I need step by step, with all formula: Budget Variance Analysis Using Excel (Descriptive and Diagnostic Analytics) X's City Council will be evaluating costs incurred in the various city departments at its next meeting. In total, costs exceeded budgeted amounts in the prior year by $576,277. The Council president has asked for information about actual vs. budgeted costs by department and by expense type to help in the evaluation process. 1. Create two PivotTables. a. One for actual costs by department and expense type. b. One for budgeted costs by department and expense type. 2. Create two Budget Variance reports (one for variances by department and one for variances by expense type). Both reports should link actual and budget data from the PivotTables. a. The report should include columns for budgeted amounts, actual amounts, variance (in dollars), and variance (in percent). Show the unfavorable dollar variances as negative numbers, favorable variances as positive numbers. Show all percent variances as positive numbers. HINT: Use the ABS function in Excel in the formula to calculate percent variances. 3. 3. Use the PivotTable and the variance reports to answer the following questions: a. Which department experienced the greatest variance between budgeted and actual cost (in dol- lars)? Which expense type in that department accounted for the largest share of the variance? HINT: Filter your PivotTables to update the variance reports. b. Which expense type had the highest unfavorable variance (in dollars)? Which department had the highest unfavorable variance in that expense type? Which expense type had the highest favorable variance (in dollars)? Which department had the highest favorable variance in that expense type? c. Which department had the highest percentage variance? Which type of expense was most over or under budget in that department? Which expense type had the highest percentage variance? Which department was most over or under budget in that expense type? d. Schools had the largest budget. Does it appear that the budget dollars were well managed? Ex- plain your answer. Below are the Excel templates: Actual:

Voucher number	Department	Check Date	Check #	Check Amount	Expense Type
3443-2020	OFFICE OF THE MAYOR	1/4/20	4957225	$ 3,060.00	Outside services
24485-2020	SCHOOLS	1/6/20	4957226	$ 86.70	Athletics expense
22467-2020	SCHOOLS	1/6/20	4957227	$ 43.40	Athletics expense
2682-2020	PUBLIC LIBRARIES	1/6/20	4957228	$ 1,659.83	Other expenses
3277-2020	SCHOOLS	1/6/20	4957229	$ 6,326.21	Classroom supplies and materials

Budget:

Expense Type	Budget	Department
Athletics expense	$ 185,000	Schools
Athletics expense	$ 40,000	Recreation and Youth
Capital expenditures	$ 75,000	Schools
Capital expenditures	$ 4,000,000	Office of Planning, Development, and Management