Using the variance formula, calculate the budget variance in the following scenarios:
- The HIM supply budget for last quarter was $3000; the actual amount spent was $4,000.
- The HIM education and training budget was $1,000; the actual amount spent was $2,000.
- The coding department had an estimated quarterly operation budget of $62,000; the actual cost of operation was $76,000.
Along with each variance calculation, prepare a brief justification of why there may be a variance.
Submit your completed assignment to the drop box below. Please check the Course Calendar for specific due dates.
|
Prior-year Expenditures |
||
|
Item |
Budget Amount |
Amount 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
|
8 years ago
10
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