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Consider the following 2011 data for Newark General Hospital (in millions of dollars):
Look at the chart below and
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- Calculate and interpret the profit variance
- Calculate and interpret the revenue variance
- Calculate and interpret the cost variance
- Calculate and interpret the volume and price variances on the revenue side
- Calculate and interpret the volume and management variances on the cost side.
- How are the variances calculated below related?
                         Static Budget                Flexible Budget               Actual Results
Revenues          $ 54.7                                   $4.8                                $4.5
Cost                    4.1                                          4.1                                 4.2
Profits                0.6                                          0.7                                 0.3
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