1) The following profit information was taken from Eastside Hospital\'s budget d

Question

1) The following profit information was taken from Eastside Hospital's budget data: Simple budget$1,200,000 Flexible budget$1,000,000 Actual results$ 500,000 What is the simple profit variance? (Hint: An unfavorable variance is identified by a minus sign.)

-$200,000 $500,000 -$500,000 $700,000 -$700,000

2)

The following profit information was taken from Eastside Hospital's budget data:
Simple budget$1,200,000
Flexible budget$1,000,000
Actual results$ 500,000
What is the flexible profit variance? (Hint: An unfavorable variance is identified by a minus sign.)

Explanation / Answer

1. -500,000

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