Planning and budgeting
;Consider the following 2007 data for Newark General Hospital (in millions of dollars):
- Static Budget: Revenues $4.7; Costs $4.1; Profit $0.6
- Flexible Budget: ;Revenues $4.8; Costs $4.1; Profit $0.7
- Actual Results: ;Revenues $4.5; Costs $4.2; Profit $0.3
a) ;Calculate and interpret the profit variance.
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b) ;Calculate and interpret the revenue variance.
c) ;Calculate and interpret the cost variance.
d) ;Calculate and interpret the volume and price variances on the revenue side.
e) ;Calculate and interpret the volume and management variances on the cost side.
f) ;How are the variances calculated above related?
