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Answer:
The St Lucia Blood Bank
St Lucia Blood Bank
Flexible Budget Performance Report
For the month ended September 30:
Actual Flexible Variances
Results Budget
Liters of blood collected 590 590
Medical supplies $10,575 $10,915 $340 F
Lab test 6,157 7,434 1,277 F
Equipment depreciation 4,270 3,900 370 U
Rent 1,700 1,700 0
Utilities 948 850 98 U
Administration 12,811 12,647 164 U
Total expense $36,461 $37,446 $985 F
Explanation:
a) Data and Calculations:
St Lucia Blood Bank, Cost Control Report, For the month ended September 30
Actual Planning Variances
Results Budget
Liters of blood collected 590 470
Medical supplies $10,575 $8,695 $1,880 U
Lab test 6,157 5,922 235 U
Equipment depreciation 4,270 3,900 370 U
Rent 1,700 1,700 0
Utilities 948 850 98 U
Administration 12,811 12,251 560 U
Total expense $36,461 $33,318 $3,143 U
Planning Budget Cost Formulas based on actual quantity of 590 liters of blood collected.
Flexed Budget
Medical supplies $18.50q $10,915 ($18.50 * 590)
Lab tests $12.60q 7,434 ($12.60 * 590)
Equipment depreciation 3,900
Rent 1,700
Utilities 850
Administration $10,700 + $3.30q 12,647 ($10,700 + $3.30 * 590)
b) The flexible budget uses the actual volume of activity to flex the budget so that changes are reflected in the budget. This is unlike a static budget where the volume of activity remains unchanged.
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