Volume, Risk, and Price Variances, excel homework help

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Analyze the variances in the following scenario:

You are the nursing administrator for a medical group that expects a severe outbreak of the flu this winter.  You hire additional staff to treat the patients and administer shots.  Your special project budget was for 1,000 hours of part-time nurses’ services at $40 per hour, for a total cost of $40,000.  It was expected that these nurses would administer 400 flu shots and treat 1,600 flu patients.  The medical group typically charges $50 for a flu shot and $80 for treating a flu patient. Actually, the group had 1,200 patients who received the flu shot and 1,400 who had the flu and received treatment.  On average, it was able to collect $55 per flu shot and $70 per flu patient. 

Compute the volume, mix, and price revenue variances.  How did things turn out for the group considering just revenues?  How did they turn out from a profit perspective? Use the approach from chapter 8 to solve.

Clearly label the calculations of the required variances using Excel.  

Use formulas to calculate the three variances and format the cells to insert a comma if there is more than three numbers and round to the nearest whole number. 

Word document Explain the meaning of the variances in a two page Word document.

Excel- Clearly label the calculations of the required variances using Excel. 

Please use references below

Finkler, S. A., Purtell, R.M., Calabrese, T.D., & Smith, D.L. (2013). Financial management for public, health, and not-for-profit organizations (4th ed.).  Upper Saddle River, NJ: Pearson Prentice Hall. ISBN: 978-0-13-280566-7.

Bukovinsky, D., & Talbott, J. C. (2010). Variance Analysis Using Throughput Accounting. CPA Journal80(1), 28-35.

The sales volume variances should be of particular interest to management. Basic breakeven analysis illustrates the importance of volume on profitability, Bukovinsky, D., & Talbott, J. C. (2010).

Lev, B. (1969). An Information Theory Analysis of Budget Variances. The Accounting Review, (4). 704.

Variances are
plotted on a control chart and only those
that fall outside the control limits are regarded
as significant, Lev. B. (1969) 


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