Question: PLEASE SHOW STEP BY STEP SO THAT I CAN UNDERSTAND ALONG WITH EVERY FORMULA USED... I WANT TO BE ABLE TO UNDERSTAND HOW TO SOLVE

PLEASE SHOW STEP BY STEP SO THAT I CAN UNDERSTAND ALONG WITH EVERY FORMULA USED... I WANT TO BE ABLE TO UNDERSTAND HOW TO SOLVE THIS! PLEASE DO NOT SOLVE IF YOU WONT ANSWER STEP BY STEP

PLEASE ANSWER FULLY PARTS A - D

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

Calculate and interpret the two profit variances.

Calculate and interpret the two revenue variances.

Calculate and interpret the two cost variances.

d. How are variances related?

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