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If a company has a budgeted profit of $50,000 and actual profit of $45,000, what
If a company has a budgeted profit of $50,000 and actual profit of $45,000, what is the profit variance?
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Practice Questions
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Q1
If a company has a budgeted profit of $50,000 and actual profit of $45,000, what is the profit variance?
$5,000 Favorable
$5,000 Unfavorable
$10,000 Favorable
$10,000 Unfavorable
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Profit Variance = Actual Profit - Budgeted Profit = $45,000 - $50,000 = -$5,000, which is Unfavorable.
Questions & Step-by-step Solutions
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Q
Q: If a company has a budgeted profit of $50,000 and actual profit of $45,000, what is the profit variance?
Solution:
Profit Variance = Actual Profit - Budgeted Profit = $45,000 - $50,000 = -$5,000, which is Unfavorable.
Steps: 5
Show Steps
Step 1: Identify the budgeted profit, which is $50,000.
Step 2: Identify the actual profit, which is $45,000.
Step 3: Calculate the profit variance by subtracting the budgeted profit from the actual profit: $45,000 - $50,000.
Step 4: The result of the calculation is -$5,000.
Step 5: Since the result is negative, it means the profit variance is unfavorable.
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