Tag a) Calculate and interpret the profit variance.

Questions for cost variance etc.

2007 data for a hospital in New York: Static Budget flexible Budget Actual Results revenues $4.7 $4.8 $4.5 Costs $4.1 $4.1 $4.2 Profits $0.6 $0.7 $0.3 Please answer the following: a) Calculate and interpret the profit variance. b) calculate and…