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Budget Details:Sales Budget:Forecasted Sales: $8,000,000Actual Sales: $7,500,000Expense Budget:Forecasted Expenses: $4,500,000Actual Expenses: $4,700,000Requirements:Prepare a budget variance...

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Accounting

Budget Details:

  • Sales Budget:
    • Forecasted Sales: $8,000,000
    • Actual Sales: $7,500,000
  • Expense Budget:
    • Forecasted Expenses: $4,500,000
    • Actual Expenses: $4,700,000

Requirements:

  • Prepare a budget variance analysis for sales and expenses.
  • Calculate the variance for each category.
  • Analyze the reasons for the variances.
  • Present the analysis in a detailed table format.
  • Discuss the potential actions to address budget variances.
  • Evaluate the impact of variances on overall financial performance.

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