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solution

Refer to Carroll Clinic’s 2004 operating budget contained in Table 8.3. Instead of the actual results reported in Table 8.4, assume the results reported below:

a. Construct Carroll’s flexible budget for 2004.

b. What are the profit variance, revenue variance, and cost variance?

c. Consider the revenue variance. What is the component volume variance? The price variance?

d. Break down the cost variance into volume and management components.

e. Break down the management variance into labor, supplies, and fixed costs variances.

f. Break down the labor variance into rate and efficiency components.

g. Break down the supplies variance into price and usage components.

h. Interpret your results. In particular, focus on the differences between the variance analysis here and the Carroll Clinic illustration presented in the chapter.

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