question archive Consider the following 2016 data for Newark Hospital (in millions of dollars) Simple Budget Flexible Budget Actual Results Revenues $4
Consider the following 2016 data for Newark Hospital (in millions of dollars) Simple Budget Flexible Budget Actual Results Revenues $4
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Consider the following 2016 data for Newark Hospital (in millions of dollars)
| Simple Budget | Flexible Budget | Actual Results | |
| Revenues | $4.7 | $4.8 | $4.5 |
| Costs | 4.1 | 4.1 | 4.2 |
| Profit | 0.6 | 0.7 | 0.3 |
a. Calculate and interpret the two profit variances
b. Calculate and interpret the two revenue variances.
c. Calculate and interpret the two cost variances.
d. how are the variances related
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