Healthcare Financial Management and Economics Week 9 Assignment-Budgeting and Variance Analysis Instructions The following are budgeted and actual revenues and expenses for a hospital Budgeted Actual Revenues Surgical Volume Gift Shop Revenues Surgery Revenues Parking Revenues Expenses 2,500 $19,000 $600.500 $16,000 2,700 $20,000 $850,750 $18,000 27,000 $160,000 $77,500 $880,000 Patients Days 27,000 $120,000 $66,000 $808,000 Pharmacy Misc Supplies Fixed Overhead Costs Using an Excel spreadsheet to show your calculations: 1. Determine the total variance between the planned and actual budgets for Surgical Volume. Is the variance favorable or unfavorable? 2. Determine the total variance between the planned and actual budgets for Patient Days. Is the variance favorable or unfavorable? 3. Determine the service-related variance for Surgical Volume. 4. Determine the service-related variance for Patient Days. 5. Prepare a flexible budget estimate. Present a side-by-side budget, flexible 6. Prepare a flexible budget estimate. Present a side-by-side budget, flexible 7. budget estimate, and the actual Surgical Revenues. budget estimate, and the actual Patient Expenses. Determine what variances are due to change in volume and what variances are due to change in rates. O 2015 Laureate Education, Inc. Page 1 of 1