gnment V1 Int V1 Budget Actual Budget Variance Formula: Actual budget - Budgeted budget = Budget Variance ting full-time equivalents for a nursing un lysis%20AGR%20STUDENT%20VER 510 Patient 420 90 Days pporting documentation must applied as follows; Nursing 420 Patient days 510 patient days x 5 HPPD = 756 Care Hours x 5.6 HPPD = 2100 2856 student fail to meet 2100 / 420 = 5 HPPD 5.0 5.6 0.6 Average $35.00 Hourly Pay $45.00 $10.00 the stud tion of budget us Payroll dayx Total Payroll HPPDX Average houry Pay gnment Costs 55 020 73, 506 128, 520 t of the (Table adapted from: Rundio, A. (2016). The nurse manager's guide to budgeting and finance, 2nd. Ed, Indianapolis, IN: Sigma Theta Tau International) h source 420x 5+ 35= 73, 500 510 * 8. 64 45= 128, 520 apolis. IN. Signa T 2. Calculate each of the following. Include the formulas used with reference. Remember, as this monthly report deals with payroll, the variances should be in dollars. a. Volume (efficiency) variance: Formula: Nursing Care Hours / Patient Days = HPPD 2100 / 420 = 5.0 Budget HPPD 2856 / 510 = 5.6 Actual HPPD -6827454 Budgeted HPPD - Actual HPPD = Average Extra Nursing Care Hours