Question

a-d. How do I calculate profit, revenue and cost variances and how are they related?

Step 1

Since the question has four sub parts, only first three of them have been answered. Please post the balance sub part as a separate question.

Step 2

Step 3

We have to find two types of variance for profit, revenue and cost.

Variance 1 = Variance with respect respect to simple budget = Actual...

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