- Case Study
|You are the Accountant for a small retail business and have been asked by management to review and examine the following financial report for the month of July and complete the questions asked|
|Line 1||Item||Budget $||Actual $|
|2||Cost of Goods Sold||22500||20500|
|9||Rent – premises||2600||2850|
- Complete the chart below by identifying variances and listing each variance as favorable (F) or unfavorable (U). Include any comments you may have to explain the variances.
|2||Cost of Goods Sold|
|8||Rent – premises|