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Question 1 Not yet answered Marked out of 35.00 P Flag question Speedy Laboratories Inc. is a private medical laboratory headquartered in Vancouver, British Columbia. The lab has just wrapped up operations for the 2021 scal year, their last month of operations being April. The lab has been particularly busy due to the extra testing required due to the COVlD19 global pandemic. As a result, Speedy Laboratories processed 30% more samples from their clients than originally budgeted for. Speedy Laboratories is now preparing their April 2021 month-end results, including the report below which compares their actual costs to budgeted expenses. NOTE: You mustll in the last THREE digits of actual results based on your student number. For example, ifyour Student Number is T173456, then the actual number of units will be 2,456. Speedy Laboratories Inc. Actual-to-Budget Comparison For the month ended April 30. 2021 ,0 Type hereto search 0 - :- Eud et Actual Budget . g Variance Tests conducted during the month 2,000 1,500 500 NOTE: Update the Actual Tests for your Student ID, For example, if your Student ID is 123456, the actual number of tests would be 2,456. ariable Costs: Medical equipment $ $ 12,680 $ 5.692 U 18,372 Laboratory testing equipment 29,193 14,716 14,477 U Staff room supplies 2,785 1,733 1,052 U 0 Quiz navigation Gurjot Singh Finish attempt. Time left 2:55:18 3 Final Exam (page1 of 5) 7 Google Chrome i mood Ie.lru.ca/mod/quiZ/attempt.php?attempl:1 1 71 0758mm id:1 266384 TRU Moodle ariable Costs: Medical equipment $ $ 12,680 $ 5,692 U 18,372 Laboratory testing equipment 29,193 14,716 14,477 U Staff room supplies 2,785 1,733 1,052 U Office equipment 587 638 (51) F Total variable costs 50,937 29,767 21,170 U Fixed Costs: Employee wages and expenses $ $ 25,950 $ 6,900 32,850 Depreciation expense on medical 4,950 4,435 465 U equipment Office rent expense 3,275 3,275 - Utilities expense 693 589 104 U Total xed costs 41,758 34,299 7,469 U Total Expenses $ $ 64,066 $ 28,639 U 92,705 When the President of Speedy Laboratories, Dr. Tony Bell, reviews the monthly report, he is very disappointed. Costs have clearly increased due to the pandemic, and the company is also earning higher revenues due to the increased level oftesting. You respond that you were simply reporting on the fact that the actual costs are higher than what was budgeted fort 1905 21570472021 )3 Type here to search ' ' ' in El [1- ENG B Flnal Exam (pagel of 5) 7 Google Chrome 0 mood Ie.lru.ca/mod/quiZ/attempt.php?attempl:1 1 71 0758mm id:1 266384 TRU Moodle Employee wages and expenses $ $ 25,950 $ 6,900 32,850 Depreciation expense on medical 4,950 4,435 465 U equipment Office rent expense 3,275 3,275 - Utilities expense 693 589 104 U Total xed costs 41,768 34,299 7,469 U Total Expenses $ $ 64,066 $ 28,639 U 92,705 When the President of Speedy Laboratories, Dr. Tony Bell, reviews the monthly report, he is very disappointed. Costs have clearly increased due to the pandemic, and the company is also earning higher revenues due to the increased level oftesting. You respond that you were simply reporting on the fact that the actual costs are higher than what was budgeted for REQUIRED: a) Prepare an updated monthly report for April, showing the results with a flexible budget Be sure to indicate whether your variances are Favourable or Unfavourable. You do not need revenues in order to complete this question (30 Marks) b) Based on your flexible budget results, which variances should be investigated further. Why? Support your decision with an explanation. (5 Marks) 'lEl'S 2670472021 in El [1- ENG
