Variance Analysis reports (chapter 8, text) can be prepared to examine the difference between budgeted and actual figures for a. Production in terms of cost, quantity and quality b. Sales c. Profit d. Income per sales dollar e. Growth rate Requirements: Complete the following variance analysis report. Variance Analysis Report Actual Budget Variances REVENUE 320,000 318,750 Direct Expense (variable) 101,000 100,000 Allocated general expenses (fixed) 78,000 80,000 Allocated service expenses: Department 1 20,500 20,000 Department 2 65,000 62,500 Department 3 101,500 100,000 TOTAL EXPENSES NET INCOME