You need to use cell reference to calculate the variance . You must designate a variance for each cost category and for the total cost: U or F. The variable and fixed cost labeling has been set correctly, so do not change this around. 2. Comment on how you developed this revised report and what it means. You must explicitly explain how you computed the numbers in the revised cost control report. 3. Explain which variances in the report you prepared should be investigated. Why? Do not answer that no variances should be investigated, since the Blood Bank is concerned with safety issues that might be impacted by changes in cost. Solution: Blood Bank Revised Cost Performance report For the Month ended April 20XX Actual Budget Variance U or F Liters of blood collected 435 Variable Costs: Medical Supplies Lab Tests Refreshment for Donors Administrative supplies Total variable costs Fixed Costs Staff Salaries Equipment Depreciation Rent Insurance Total Fixed Costs Total Cost