Vipul k Laizure Clinic uses patient-visits as its measure of activity. The clinic bases its budgets on the following information: Revenue shouldbe $60.90 per patient-visit. Personnel expenses should be $36,200 per month plus $16.30 per patient-visit. Medical supplies shouldbe $2,500 per month plus $11.70 per patient-visit. Occupancy expenses should be $8,900 per month plus $4.50 per patient-visit.Administrative expenses should be $4,400 per month plus $2.60 per patient-visit.The clinic reported the following actual results for November:Patient-visitsRevenuePersonnel expensesMedical suppliesOccupancy expensesAdministrative expensesRequired:Prepare a report showing the clinic's revenue and spending variances for November. Label each variance as favorable (F) orunfavorable (U). (Indicate the effect of each variance by selecting "F" for favorable, "U" for unfavorable, and "None" for no effect(i.e., zero variance). Input all amounts as positive values.)Patient-visitsRevenueExpenses:Personnel expensesMedical suppliesOccupancy expensesAdministrative expensesTotal expenseNet operating income2,850$ 189,240$ 87,320$ 38,640$ 17,750$ 8,150Laizure ClinicRevenue and Spending VariancesFor the Month Ended November 30Actual Results Flexible Budget2,8502,850Revenue and SpendingVariances

Budgeting: It is a process of planning the work to be performed. Under this process a formal plan is…

ure Clinic uses patient-visits as its measure of activity. The clinic bases its budgets on the following information: Reve $60.90 per patient-visit. Personnel expenses should be $36,200 per month plus $16.30 per patient-visit. Medical sup $2,500 per month plus $11.70 per patient-visit. Occupancy expenses should be $8,900 per month plus $4.50 per pati ministrative expenses should be $4,400 per month plus $2.60 per patient-visit. e clinic reported the following actual results for November:

ure Clinic uses patient-visits as its measure of activity. The clinic bases its budgets on the following information: Reve $60.90 per patient-visit. Personnel expenses should be $36,200 per month plus $16.30 per patient-visit. Medical sup $2,500 per month plus $11.70 per patient-visit. Occupancy expenses should be $8,900 per month plus $4.50 per pati ministrative expenses should be $4,400 per month plus $2.60 per patient-visit. e clinic reported the following actual results for November:

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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