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Consider the following 2011 data for Newark General Hospital (in millions of dollars):

Static Flexible Actual Budget Budget Results Revenues $4.7 $4.8 $4.5 Costs 4.1 4.1 4.2 Profits 0.6 0.7 0.3

a. find out and interpret the profit variance.

b. find out and interpret the revenue variance.

c. find out and interpret the cost variance.

d. find out and interpret the volume and price variances on the revenue side.

e. find out and interpret the volume and management variances on the cost side.

f. How are the variances find outd above related?

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