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If a company has a budgeted profit of $100,000 and an actual profit of $80,000,
If a company has a budgeted profit of $100,000 and an actual profit of $80,000, what is the profit variance?
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Practice Questions
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Q1
If a company has a budgeted profit of $100,000 and an actual profit of $80,000, what is the profit variance?
$20,000 Favorable
$20,000 Unfavorable
$30,000 Favorable
$30,000 Unfavorable
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Profit variance = Actual Profit - Budgeted Profit = $80,000 - $100,000 = -$20,000, which is Unfavorable.
Questions & Step-by-step Solutions
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Q
Q: If a company has a budgeted profit of $100,000 and an actual profit of $80,000, what is the profit variance?
Solution:
Profit variance = Actual Profit - Budgeted Profit = $80,000 - $100,000 = -$20,000, which is Unfavorable.
Steps: 6
Show Steps
Step 1: Identify the budgeted profit, which is $100,000.
Step 2: Identify the actual profit, which is $80,000.
Step 3: Use the formula for profit variance: Profit Variance = Actual Profit - Budgeted Profit.
Step 4: Substitute the values into the formula: Profit Variance = $80,000 - $100,000.
Step 5: Calculate the result: $80,000 - $100,000 = -$20,000.
Step 6: Determine if the variance is favorable or unfavorable. Since the result is negative (-$20,000), it is Unfavorable.
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