Analyze the variances in the following scenario:
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Get Help Now!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 either the approach from chapter 8 or from
Appendix 8-A
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. Explain the meaning of the variances in a two
page Word
document.
Submit to your instructor your two-to-three page Word document
(not including
the title and reference pages) and your Excel worksheet. Your paper
should be
formatted according to APA style as outlined in the approved APA
style guide,
and you must cite at least two scholarly sources in addition to
the
textbook.
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