Business, 02.02.2021 03:20 okme

Fran Bowen created the following budget: Budget Food $ 364 Clothing $ 164 Transportation 408 Personal expenses and recreation 307 Housing 994 She actually spent $331 for food, $416 for transportation, $1,046 for housing, $161 for clothing, and $259 for personal expenses and recreation. Calculate the variance for each of these categories, and indicate whether it was a deficit or surplus.

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Answer from: samantha636

Fran Bowen

Budget Vs Actual, Variance and Status:

Budget Actual Variance Status

Food $ 364 $331 $33 Surplus

Clothing 164 161 3 Surplus

Transportation 408 416 -8 Deficit

Personal expenses and recreation 307 259 48 Surplus

Housing 994 1,046 -52 Deficit

Total $2,237 $2,213 $24 Surplus

Explanation:

a) Data and Calculations:

Budget Actual Variance Status

Food $ 364 $331 $33 Surplus

Clothing 164 161 3 Surplus

Transportation 408 416 -8 Deficit

Personal expenses and recreation 307 259 48 Surplus

Housing 994 1,046 -52 Deficit

Total $2,237 $2,213 $24 Surplus

b) The difference between the estimated budget cost and the actual cost spent on each item gives rise to either surplus or deficit. This surplus or deficit is described as the variance. It is surplus when the budgeted cost is greater than the actual cost spent. It is deficit when the budgeted cost is less than the actual cost spent.

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Fran Bowen created the following budget: Budget Food $ 364 Clothing $ 164 Transportation 408 Persona...

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