Describe 3 chart types you could use to analyse budget data, including variance. List the 3 types
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Question:
Add to this Business Budget spreadsheet by creating 3 charts that are suitable for the purpose of variance analysis:
- Revenue: Actual, Budgeted and Variance
- Expense: Actual, Budgeted and Variance
- Net Position: Actual, Budgeted and Variance
| July | August | September | |||||||
| Revenue | Actual | Budgeted | Variance | Actual | Budgeted | Variance | Actual | Budgeted | Variance |
| IT Services | $330,000.00 | $331,000.00 | -$1,000.00 | $400,000.00 | $331,000.00 | $69,000.00 | $335,000.00 | $331,000.00 | $4,000.00 |
| Financial Services | $740,000.00 | $430,000.00 | $310,000.00 | $447,800.00 | $430,000.00 | $17,800.00 | $138,000.00 | $430,000.00 | -$292,000.00 |
| Business Services | $773,000.00 | $660,000.00 | $113,000.00 | $632,050.00 | $660,000.00 | -$27,950.00 | $570,500.00 | $660,000.00 | -$89,500.00 |
| HR Services | $280,000.00 | $280,000.00 | $0.00 | $289,000.00 | $280,000.00 | $9,000.00 | $284,000.00 | $280,000.00 | $4,000.00 |
| Training Services | $40,000.00 | $60,000.00 | -$20,000.00 | $60,000.00 | $60,000.00 | $0.00 | $42,000.00 | $60,000.00 | -$18,000.00 |
| Total | $2,163,000.00 | $1,761,000.00 | $402,000.00 | $1,828,850.00 | $1,761,000.00 | $67,850.00 | $1,369,500.00 | $1,761,000.00 | -$391,500.00 |
| Costs of Goods Sold | |||||||||
| Purchases | $10,001.22 | $10,500.00 | -$498.78 | $9,932.44 | $10,500.00 | -$567.56 | $9,465.34 | $10,500.00 | -$1,034.66 |
| Total | $10,001.22 | $10,500.00 | -$498.78 | $9,932.44 | $10,500.00 | -$567.56 | $9,465.34 | $10,500.00 | -$1,034.66 |
| Expenses | |||||||||
| Office Lease | $33,333.43 | $33,333.00 | $0.43 | $33,333.33 | $33,333.00 | $0.33 | $33,333.00 | $33,333.00 | $0.00 |
| Travel Expenses | $35,850.00 | $30,000.00 | $5,850.00 | $21,000.00 | $30,000.00 | -$9,000.00 | $51,700.00 | $30,000.00 | $21,700.00 |
| Insurance | $4,000.00 | $5,350.00 | -$1,350.00 | $5,000.00 | $5,350.00 | -$350.00 | $6,750.00 | $5,350.00 | $1,400.00 |
| Wages and Salaries | $890,000.00 | $930,000.00 | -$40,000.00 | $918,000.00 | $930,000.00 | -$12,000.00 | $1,020,500.00 | $930,000.00 | $90,500.00 |
| Running Expenses | $2,200.00 | $2,250.00 | -$50.00 | $3.00 | $2,250.00 | -$2,247.00 | $2,350.00 | $2,250.00 | $100.00 |
| Utilities | $2,800.00 | $2,800.00 | $0.00 | $2,800.00 | $2,800.00 | $0.00 | $2,800.00 | $2,800.00 | $0.00 |
| Total | $968,183.43 | $1,003,733.00 | -$35,549.57 | $980,136.33 | $1,003,733.00 | -$23,596.67 | $1,117,433.00 | $1,003,733.00 | $113,700.00 |
| Net Position | |||||||||
| Revenue | $2,163,000.00 | $1,761,000.00 | $402,000.00 | $1,828,850.00 | $1,761,000.00 | $67,850.00 | $1,369,500.00 | $1,761,000.00 | -$391,500.00 |
| Cost of Goods Sold | $10,001.22 | $10,500.00 | -$498.78 | $9,932.44 | $10,500.00 | -$567.56 | $9,465.34 | $10,500.00 | -$1,034.66 |
| Gross Profit | $2,152,998.78 | $1,750,500.00 | $402,498.78 | $1,818,917.56 | $1,750,500.00 | $68,417.56 | $1,360,034.66 | $1,750,500.00 | -$390,465.34 |
| Expenses | $968,183.43 | $1,003,733.00 | -$35,549.57 | $980,136.33 | $1,003,733.00 | -$23,596.67 | $1,117,433.00 | $1,003,733.00 | $113,700.00 |
| Net Position | $1,184,815.35 | $746,767.00 | $438,048.35 | $838,781.23 | $746,767.00 | $92,014.23 | $242,601.66 | $746,767.00 | -$504,165.34 |
Expert Answer:
To analyze the budget data and variances you can create the following three types of charts 1 Column ... View the full answer
Related Book For 
Business Statistics For Contemporary Decision Making
ISBN: 978-1118749647
8th edition
Authors: Black Ken
Posted Date:
