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Week 04 Course Project - Budget Variance

Prior-year Expenditures
Budget vs. Actual
Item	Budget Amount	Amount Spent	Variance
Supplies	$1,200	$1,000	$200  (F)
Travel	$2,000	$2,500	$500 (U)
Conference Fees	$1,000	$1,200	$200 (U)
Membership Dues	$750	$600	$150  (F)
Subscriptions	$350	$325	$25  (F)
Equipment	$5,000	$3,000	$2,000   (F)
		Total	$1,675   (F)

               

The Supplies budget overestimated the actual costs by $200. The Travel budget underestimated the actual costs by $500. The Conference Fees budget underestimated the actual costs by $200. The Membership Dues budget overestimated the actual costs by $150. The Subscriptions budget overestimated the actual costs by $25. The Equipment budget overestimated the actual costs by $2000. Overall, the budget overestimated the actual costs spent by $1,675.

In summary, only the Travel and Conference Fees budget have unfavorable variances, the rest have favorable variances. This means that the budget did a good job in allocating funds for the actual costs.