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 Flexible Budget Actual Results $4,700,000 $4,800,000 $4,500,000 4,100,000 4,100,000 4,200,000 600,000 700,000 300,000 a. Profit variance b. Revenue variance Cost variance c. Revenue variances: d. Volume variance e. Price variance I I I Cost variances f. Volume variance 8. Management variance h. What was the biggest factor in the revenue variance? i. What was the biggest factor in the cost variance