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What does the information about salaries and supply expenses tell you?

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Note the first variance has been done for you!

A favorable budget variance refers to positive variances or gains;
an unfavorable budget variance describes negative variance, meaning losses and shortfalls;and
budget variances occur because forecasters are unable to predict the future with complete accuracy.

Complete the table below.
Think, what is the variance for each item (percentage and number)?
Note; when you are completing this table, you will only need to fill in the pink section which will be the difference between the budget and actual.
Note; some of these numbers will be negative. The first variance has been done for you.
You must explain your calculationsanswering the questions included after the table.
6 North – January 20XX
Actual Budget Variance
Patient Days 925 974 49 (-5%)
Nursing Hours Per Patient Day 8.2 7.5
Nursing Assistant Hours per Patient Day 3.57 3.26
Salary and Benefits $594,520 $572,411
Supplies $29,153 $32,366
Other expenses $47,157 $47,737
%Overtime to FTEs 3.23% 2.65%

What does the information about salaries and supply expenses tell you?

Is Nurse Nugyet over or under budget on each of the items?

Are the variances explainable? Or, is Nurse Nugyet over budget with no justifications?

What additional information would be helpful when explaining variances?

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