The following profit information was taken from Eastside Hospital's budget data: Simple budget$1,200,000 Flexible budget$1,000,000 Actual results$ 500,000 What is the simple profit variance? (Hint: An unfavorable variance is identified by a minus sign.) a. -$200,000 b. -$500,000 c. -$700,000 d. $500,000 e. $700,000