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Consider the fallowing 2020 data for Queens General Hospital (in millions of dollars): Simple Flexible Actual Budget Budget Results Revenues $5.7 $3.8 $4.5 Cost 4.8

Consider the fallowing 2020 data for Queens General Hospital (in millions of dollars):

Simple Flexible Actual

Budget Budget Results

Revenues $5.7 $3.8 $4.5

Cost 4.8 3.1 4.2

Profit 0.9 0.8 0.3

  1. Calculate and interpret the two profit variances.

  1. Calculate and interpret the two revenue variances.

  1. Calculate and interpret the two cost variances.

d. How are variances related?

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