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Exhibit 1: Norton Associates, Income Statement, Q2 2000 $ $ Actual Budget Revenues 3,264,000 $ 3,231,900 Expenses 2,967,610 2,625,550 Operating Profit 296,390 $ 606,350 Profit Percentage 9.1% 18.8% Question 1: Prepare a variance analysis report based on the information in Exhibit 1. Would this be sufficient to explain the profit shortfall to Norton at the 8 AM meeting? Formulas and approach: Variance analysis formula: Total revenue variance = AR - ER Use this formula to conduct a variance analysis on Revenues below. Do the same for Expenses and Profits. Your Solution: Actual Value Budgeted Value Variance Amount Favorable/Unfavorable? Revenues Expenses Profits