Calculate and Analyze Budget Variance

Anonymous
timer Asked: Mar 16th, 2016

Question description

The following table shows a portion of a health information management (HIM) department's supplies and materials from the previous year.

Prior-year Expenditures
Budget vs. Actual
ItemBudget AmountAmount Spent
Supplies$1,200$1,000
Travel$2,000$2,500
Conference Fees$1,000$1,200
Membership Dues$750$600
Subscriptions$350$325
Equipment$5,000$3,000

Calculate and analyze the variance for the budgeted amount and the actual amount spent. Along with each variance calculation, prepare a brief justification of why there may be a variance.


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