AssignmentNumeric Problems (2 @ 10 = 20)1. Last year the price for thermometer covers in a pediatrician’s office was $.05 each. This year, the covers cost $.06 each. If the office purchased 10,000 thermometer covers this year, what is the price variance?2. Using the information in the table below, calculate the amount of the favorable price variance.BudgetedActualVolume200,000190,000Cost per unit$40$37Cost$8,000,000$7,030,000Short Answer Problems (1 @ 10 = 10)3. When would it make sense to use a flexible budget as compared to a forecast budget?Multiple Choice Problems (4 @ 5 = 20)4. ________________ is a phase of management that is longer than budgeting, but shorter than planning.A. ProgrammingB. AccountingC. OperatingD. None of the above5. Budgets normally cover a period of:A. 5 yearsB. 2 yearsC. 3 yearsD. 1 year6. Which of the following is part of a statistics budget?A. Output expectationsB. Responsibility for estimationC. Estimation methodologyD. All of the above7. The following is an example of a _____________ budget:“The budget for the radiology department is different at 90 percent occupancy than at 80 percent occupancy.”A. rollingB. flexibleC. forecastD. fixed
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