Consider the following 2011 data for newark general, Ask an Expert

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Consider the following 2011 data for Newark General Hsopital (in millions of dollars):
Static Budget Flexible Budget Actual Results
Revenues $4.7 $4.8 $4.5
Costs $4.1 $4.1 $4.2
Profits $0.6 $0.7 $0.3

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?

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