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AC556 Week 7 Discussion Problem Flexible Budget and Variances NOTE: It is expected that this problem will be completed using an Excel spreadsheet...
AC556Week 7 Discussion ProblemFlexible Budget and VariancesNOTE: It is expected that this problem will be completed using an Excel spreadsheet using formulas. Please see the Excel Tutorial that is available under the course home tab.The Grant Company had developed a Static Budget for 2005 for one of its major departments. By the end of the year, the owner was quite pleased since he knew that sales were running above the projections. He was confident that 2005 was going to be the best year ever for this important part of the company!When the 2005 financial statements were completed, it was discovered that the gross profit for the department was lower than had been originally projected. But sales were up! What happened?You have been hired to determine why 2005 was not a “banner year”! You have been supplied with the original Static Budget and the actual results as follows:
