Data for 8.1.d, e & f Consider the following 2015 data for Newark General Hospital, in millions of dollars:

Static Budget Flexible Budget Actual Results

Revenues $4.7 $4.8 $4.5

Costs $4.1 $4.1 $4.2

Profits $0.6 $0.7 $0.3

8.1.d. (2). Consider the 2015 data for Newark General Hospital, in millions of dollars.Calculate and interpret the price variance on the revenue side.

8.1.d. (2). Interpretation:

8.1.e. Consider the 2015 data for Newark General Hospital, in millions of dollars.Calculate and interpret the volume and management variances on the cost side.

8.1.e. (1). Consider the 2015 data for Newark General Hospital, in millions of dollars.Calculate and interpret the volume variance on the cost side.

8.1.e. (1). Interpretation:

8.1.e. (2). Consider the 2015 data for Newark General Hospital, in millions of dollars.Calculate and interpret the management variance on the cost side.

8.1.e. (2). Interpretation:

8.1.f. Consider the 2015 data for Newark General Hospital, in millions of dollars.How are the variances calculated above related?