Question: please show all the steps and calculation 1. What is variance analysis and why is this important for you to understand? Please be very specific

please show all the steps and calculation

1. What is variance analysis and why is this important for you to understand? Please be very specific and concise in your answer. 2. Consider the fallowing 2020 data for Palmetto Hospital (in millions of dollars): Simple Flexible Actual Budget Budget Results Revenues $5.7 $3.8 $4.5 Cost 4.8 3.1 4.2 Profit 0.9 0.8 0.3 a Calculate and interpret the two profit variances. b. Calculate and interpret the two revenue variances. c. Calculate and interpret the two cost variances. d. How are variances related Sec 1 Pages 2 of 2 Words: 17 of 240

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