4 4 points eBook Hint Print The Saint Lucia Blood Bank, a private charity partly supported by government grants, is located on the Caribbean island of Saint Lucia. The blood bank has just finished its operations for September, which was a very busy month due to a powerful hurricane that hit neighboring islands causing many injuries. The hurricane largely bypassed Saint Lucia, but residents of Saint Lucia willingly donated their blood to help people on other islands. As a consequence, the blood bank collected and processed over 20% more blood than had been originally planned for the month. A report prepared by a government official comparing actual costs to budgeted costs for the blood bank appears below. Continued support from the government depends on the blood bank's ability to demonstrate control over its costs. Liters of blood collected Medical supplies Lab tests Equipment depreciation Rent Utilities Administration Total expense Saint Lucia Blood Bank Cost Control Report For the Month Ended September 30 Actual Results Planning Budget 570 $ 10,665 6,054 450 $ 8,775 Variances $ 1,890 U 234 U 111 4,450 1,800 1,002 12,945 $ 36,976 5,850 4,100 1,500 12,375 $ 33,500 102 U 570 U $ 3,176 U The managing director of the blood bank was very unhappy with this report, claiming that his costs were higher than expected due to the emergency on the neighboring islands. He also pointed out that the additional costs had been fully covered by payments from grateful recipients on the other islands. The government official who prepared the report countered that all of the figures had been submitted by the blood bank to the government; he was just pointing out that actual costs were a lot higher than promised in the budget The following cost formulas were used to construct the planning budget: Lab tests Medical supplies Equipment depreciation Rent Utilities Administration Required: Cost Formulas $19.500 $13.000 $4,100 $1,500 $900 $10,500 + $3.500 1.Complete the flexible budget performance report for September. (Indicate the effect of each variance by selecting "F" for favorable, "U" for unfavorable, and "None" for no effect (I.e., zero variance). Input all amounts as positive values.) Actual Results Liters of blood collected 570 Medical supplies $ 10,665 Lab tests 6,084 Equipment depreciation 4,480 Rent 1,800 Utilities 1,002 Administration 12.945 Total expense $ 36,976 Saint Lucia Blood Bank Flexible Budget Performance Report For the Month Ended September 30 Flexible Budget Planning Budget 450 $ 8,775 5,850 4,100 1,800 900 12,375 33,800