One of the laboratories in your hospital budgeted $24,000 for procedure activity. However, when reviewing the data, the head of the department realized that the actual cost was $26,250 . What was the variance?
a. 9.1 percent c. 10.4 percent
b. 9.4 percent d. 110 percent
C
The variance for the laboratory was 10.4 percent. To determine the variance, the head of the
laboratory would subtract the budgeted amount from the actual amount (26,500 – 24,000 = 2,500).
Next, 2,500 is divided by the budget amount of 24,000 = 10.4 percent.
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