business xyz has the following projected budget and actual budget for a given month: budget actual payroll…

business xyz has the following projected budget and actual budget for a given month: budget actual payroll $27,500 $29,760 inventory $13,700 $14,230 rent $9,200 $9,970 services $4,600 $5,600 calculate the percent change that services are over budget. %δ = ?% answer as a percent rounded to the nearest tenth.

business xyz has the following projected budget and actual budget for a given month: budget actual payroll $27,500 $29,760 inventory $13,700 $14,230 rent $9,200 $9,970 services $4,600 $5,600 calculate the percent change that services are over budget. %δ = ?% answer as a percent rounded to the nearest tenth.

Answer

Explanation:

Step1: Identify the formula for percent - change

The formula for percent - change is $% \Delta=\frac{\text{Actual}-\text{Budget}}{\text{Budget}}\times100%$.

Step2: Substitute the values for Services

For Services, the budget is $$4600$ and the actual is $$5600$. So, $\text{Actual}-\text{Budget}=5600 - 4600=1000$.

Step3: Calculate the percent - change

$% \Delta=\frac{5600 - 4600}{4600}\times100%=\frac{1000}{4600}\times100%$. $\frac{1000}{4600}\times100%\approx0.2174\times100% = 21.7%$.

Answer:

$21.7$