Budget Variance
The novel Sarah’s Key
August 7, 2017Energy for Life and Energy Reactions and Processes .
August 7, 2017Using the variance formula, calculate the budget variance in the following scenarios:
- The HIM supply budget for last quarter was $3000; the actual amount spent was $4,000.
- The HIM education and training budget was $1,000; the actual amount spent was $2,000.
- The coding department had an estimated quarterly operation budget of $62,000; the actual cost of operation was $76,000.
Along with each variance calculation, prepare a brief justification of why there may be a variance.
Submit your completed assignment to the drop box below. Please check the Course Calendar for specific due dates
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Prior-year Expenditures Budget vs. Actual |
||
| Item | Budget Amount | Amount Spent |
| Supplies |
$1,200 |
$1,000 |
| Travel |
$2,000 |
$2,500 |
| Conference Fees |
$1,000 |
$1,200 |
| Membership Dues |
$750 |
$600 |
| Subscriptions |
$350 |
$325 |
| Equipment |
$5,000 |
$3,000 |
