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 $4,800,000 4,100,000 700,000 Actual Results $4,500,000 4,200,000 300,000 a. b. Profit variance Revenue variance Cost variance c. d. Revenue variances: Volume variance Price variance e. f. Cost variances: Volume variance Management variance 8. h. What was the biggest factor in the revenue variance? i. What was the biggest factor in the cost variance