Question
Omega Financials Year Budgeted Revenue Actual Revenue Budgeted Costs Actual Costs 2020 $2,000,000 $1,950,000 $1,200,000 $1,250,000 2021 $2,200,000 $2,150,000 $1,300,000 $1,320,000 2022 $2,400,000 $2,350,000 $1,400,000
Omega Financials
Year | Budgeted Revenue | Actual Revenue | Budgeted Costs | Actual Costs |
2020 | $2,000,000 | $1,950,000 | $1,200,000 | $1,250,000 |
2021 | $2,200,000 | $2,150,000 | $1,300,000 | $1,320,000 |
2022 | $2,400,000 | $2,350,000 | $1,400,000 | $1,420,000 |
Requirement: Calculate the revenue and cost variances for each year and analyze the reasons for these variances. Discuss the implications for future revenue planning and cost control.
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Financial Accounting Tools for Business Decision Making
Authors: Paul D. Kimmel, Jerry J. Weygandt, Donald E. Kieso, Barbara Trenholm, Wayne Irvine
6th Canadian edition
1118644948, 978-1118805084, 1118805089, 978-1118644942
