2. Create a second tab and label it Step 2 and complete the following:

Woodhaven has just closed the fiscal month of November. You have not incurred any expenses thus far

outside actual):

your original plan. Your department has the following year-to-date actual expenditures (YTD

• Regular pay: $115,000

• Benefits: $17,250

• Supplies: $780

• Service contracts: $15,000

• Training: $1,500

  Using the budget that you prepared in Step 1, create a table reflecting the YTD budget and the YTD actuals and calculate the variance by line item and for the overall department. In a Word document, prepare a brief variance analysis summary for the department director regarding the departments budget-to-actual position after the end of November. Based on your plan, is there anything of concern that your director needs to know about? For example, is the variance positive or negative and is this favorable or unfavorable? (Please document your response/advice under your Excel work.)