The following are budgeted and actual revenues and expenses for a hospital. USE ATTACHED TEMPLATE PLEASE!!!!!
Surgical Volume 2,300 2,600
Gift Shop Revenues $18,000 $19,000
Surgery Revenues $589,500 $852,750
Parking Revenues $17,000 $19,000
Patients Days 26,000 25,000
Pharmacy $119,000 $158,000
Misc Supplies $68,000 $795,600
Fixed Overhead Costs $832,000 $890,000
Determine the total variance between the planned and actual budgets for Surgical Volume. Is the variance favorable or unfavorable?
Determine the total variance between the planned and actual budgets for Patient Days. Is the variance favorable or unfavorable?
Determine the service-related variance for Surgical Volume.
Determine the service-related variance for Patient Days.
Prepare a flexible budget estimate. Present a side-by-side budget, flexible budget estimate, and the actual Surgical Revenues.
Prepare a flexible budget estimate. Present a side-by-side budget, flexible 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.
|B||Gift shop revenues|
|Variance||Fav or Unfav|
|1. Total variance between the planned and actual budgets.|
|F||Gift shop revenues||[B]|
|3. Service-related revenues and variance still unexplained.|
|K||Gift shop revenue variance||[F]|
|L||Parking revenue variance||[H]|
|M||Unexplained service-related variance||[J-K-L]|
|5. Prepare a flexible budget estimate.||Budgeted||Flexible||Actual|
|O||Surgical revenue per unit||[C / A]|
|7. Variances are due to volume and due to rate.||Variance|
|Q||Budgeted surgical revenue||[P]|
|R||Flexible surgical revenue||[P]|
|S||Actual surgical revenue||[P]|
|T||Volume variance||[R - Q]|
|U||Rate variance||[S - R]|
|D||Fixed overhead costs|
|Variance||Fav or Unfav|
|2. Total variance between the planned and actual budgets.|
|H||Fixed overhead costs||[D]|
|4. Service related costs and variance still unexplained.|
|K||Amt. explained by fixed overhead||[H]|
|L||Other fixed expenses|
|6. Prepare a flexible budget estimate.||Budgeted||Flexible||Actual|
|O||Cost per patient day (Pharm + Misc)||[B+C]/[A]|
|P||Total cost (Pharm+Misc)||[N x O]|
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