0 CHAPTER 8: FINANCIAL PLANNING & BUDGETING Homework Problem 3.5 Calculate each of the following based upon the data below: Total Revenue Total Costs Projected Profit Static Budget $4,700,000 4,100,000 600,000 Flexible Budget Actual Results $4,500,000 4,200,000 300,000 $4,800,000 4,100,000 700,000 a. b. C. d. e. Profit variance Revenue variance Cost variance h. Revenue variances: Volume variance Price variance Cost variances: Volume variance f. g. Management variance What was the biggest factor in the revenue variance? What was the biggest factor in the cost variance