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Accounting

Problem:

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

Required:

Question 1: Calculate and interpret the profit variance.

Question 2: Calculate and interpret the revenue variance

Question 3: Calculate and intepret the cost variance

Question 4: Calculate and interpret the volume and price variances on the revenue side.

Question 5: Calculate and interpret the volume and management variances on the cost side

Question 6: How are the variances calculated above related?

Note: Please answer in proper manner and show all computations

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Accounting Basics, Accounting

Category:- Accounting Basics
Reference No.:- M91168919

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