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(Solved) How do I complete the spreadsheet for the Budgeting andVariance


How do I complete the spreadsheet for the Budgeting andVariance Analysis?


Revenues

 

[A]

 

[B]

 

[C]

 

[D]

 


 

Givens:

 

Surgical volume

 

Gift shop revenues

 

Surgery revenues

 

Parking revenues

 


 

Budgeted

 

2,500

 

$18,500

 

$592,600

 

$18,500

 


 

Actual

 

2,800

 

$21,200

 

$862,000

 

$21,600

 


 

1. Determine the total variance between the planned and actual budgets for Surgical Volume. Is the variance

 

favorable or unfavorable?

 

Budgeted

 

Actual

 

Variance

 

[E]

 

Surgical volume [A]

 

2,500

 

2,800

 

300

 

[F]

 

Gift shop revenues [B]

 

$18,500

 

$21,200

 

$2,700

 

[G]

 

Surgery revenues [C]

 

$592,600

 

$862,000

 

$506,400

 

[H]

 

Parking revenues [D]

 

$18,500

 

$21,600

 

$3,100

 

[I]

 

Total variance [E]

 

$632,100

 

$907,600

 

$275,500

 

3. Determine the service related variance for Surgical Volume.

 

Variance

 

[J]

 

[K]

 

[L]

 

[M]

 


 

Total variance [I]

 

Gift shop revenue variance [F]

 

Parking revenue variance [H]

 

Service-related variance [J-K-L]

 


 

27500

 

$2,700

 

3,100

 

33,300

 


 

5. Prepare a flexible budget estimate. Present side-by-side budget, flexible budget estimate, and the actual

 

surgical revenues.

 

Budgeted

 

Flexible

 

Actual

 

[N]

 

Surgical volume [A]

 

[O]

 

Surgical revenue per unit [C / A]

 

[P]

 

Surgical revenue [C]

 

7. Determine what variances are due to change in volume and what variances are due to change in rates.

 

Budgeted

 

[Q]

 

[R]

 

[S]

 

[T]

 

[U]

 


 

Budgeted surgical revenue [P]

 

Flexible surgical revenue [P]

 

Actual surgical revenue [P]

 

Volume variance [R - Q]

 

Rate variance [S - R]

 


 

Flexible

 


 

Actual

 


 

Expenses

 

[A]

 

[B]

 

[C]

 

[D]

 


 

ume. Is the variance

 


 

Givens:

 

Patient days

 

Pharmacy

 

Miscellaneous supplies

 

Fixed overhead costs

 


 

Budgeted

 


 

Actual

 


 

2. Determine the total variance between the planned and actual budgets for Patient Days. Is the variance fa

 

unfavorable?

 

[E]

 

[F]

 

[G]

 

[H]

 

[I]

 


 

Patient days [A]

 

Pharmacy [B]

 

Miscellaneous supplies [C]

 

Fixed overhead costs [D]

 

Total variance

 


 

28,000

 

$120,500

 

$695,000

 

$836,000

 

$1,679,500

 


 

26,000

 

$145,000

 

$795,000

 

$885,000

 

$1,851,000

 


 

4. Determine the service related variance for Patient Days.

 

[J]

 

[K]

 

[L]

 

[M]

 


 

te, and the actual

 


 

change in rates.

 

Variance

 


 

Total variance [I]

 

Amt. explained by fixed overhead [F]

 

Other fixed expenses

 

Service-related variance [J-K-L]

 


 

6. Prepare a flexible budget estimate. Present side-by-side budget, flexible budget estimate, and the actual p

 

Budgeted

 

Flexible

 

[N]

 

Patient days [A]

 

[O]

 

Cost per patient day (Pharm + Misc) [B+C]/[A]

 

[P]

 

Total cost (Pharm+Misc) [N x O]

 


 

Days. Is the variance favorable or

 

Variance

 


 

Variance

 


 

timate, and the actual patient expenses.

 

Actual

 


 

 


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DATE ANSWERED

Oct 15, 2019

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