Hi guys, these are practice questions for the final. The final will use the same format as the practice questions. Please include your worksheets and explanations, Excel spreadsheets, and anything that will show how to replicate what you have done. I don't have many tutor credits and little money, but I sincerely appreciate your help. I need the answers by 3/26/17

3/23/2017 2. Assignment Print View Award: 8.33 points Fall City Hospital has an outpatient clinic. Jeffrey Harper, the hospital's chief administrator, is very concerned about cost control and has asked that performance reports be prepared that compare budgeted and actual amounts for medical assistants, clinic supplies, and lab tests. Past financial studies have shown that the cost of clinic supplies used is driven by the number of medical assistant labor hours worked, whereas lab tests are highly correlated with the number of patients served. The following information is available for June: Medical assistants Fall City's standard wage rate is $15 per hour, and each assistant is expected to spend 30 minutes with a patient. Assistants totaled 890 hours in helping the 1,630 patients seen, at an average pay rate of $15.90 per hour. Clinic supplies The cost of clinic supplies used is budgeted at $12 per labor hour, and the actual cost of supplies used was $9,350. Lab tests Each patient is anticipated to have three lab tests, at an average budgeted cost of $70 per test. Actual lab tests for June cost $355,014 and averaged 3.3 per patient. Required: 1. Prepare a report that shows budgeted and actual costs for the 1,630 patients served during June. Compute the differences (variances) between these amounts and label them as favorable or unfavorable. 2. On the basis of your answer to requirement (1), determine whether Fall City has any significant problems with respect to clinic supplies and lab tests. 3a. Determine the spending and efficiency variances for lab tests. (Hint: In applying the overhead variance formulas, think of the number of tests as the activity level, and think of the cost per test as analogous to the variable overhead rate.) 3b. Does it appear that Fall City has any significant problems with the cost of its lab tests? 4. Compare the lab test variance computed in requirement (1), a flexiblebudget variance, with the sum of the variances in requirement (3a). What is the relationship between the flexible budget variance and the total of the individual standardcost variances? Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3A Required 3B Required 4 Prepare a report that shows budgeted and actual costs for the 1,630 patients served during June. Compute the differences (variances) between these amounts and label them as favorable or unfavorable. (Indicate the effect of each variance by selecting "Favorable" or "Unfavorable". Select "None" and enter "0" for no effect (i.e., zero variance). Do not round intermediate calculations.) show less Budget: Actual: 1,630 Patients 1,630 Patients Variance Medical assistants Clinic supplies Lab tests Total previous next References http://ezto.mheducation.com/hm.tpx?todo=c15SinglePrintView&singleQuestionNo=2.&postSubmissionView=13252705367477461&wid=13252705367469788&ro... 1/2 3/23/2017 Assignment Print View Worksheet Learning Objective: 1101 Distinguish between static and flexible budgets and explain the advantages of a flexible overhead budget. Difficulty: 2 Medium Learning Objective: 1102 Prepare a flexible overhead budget, using both a formula and a columnar format. Learning Objective: 1105 Compute and interpret the variableoverhead spending and efficiency variances and the fixedoverhead budget and volume variances. http://ezto.mheducation.com/hm.tpx?todo=c15SinglePrintView&singleQuestionNo=2.&postSubmissionView=13252705367477461&wid=13252705367469788&ro... 2/2 3/23/2017 2. Assignment Print View Award: 8.33 points Fall City Hospital has an outpatient clinic. Jeffrey Harper, the hospital's chief administrator, is very concerned about cost control and has asked that performance reports be prepared that compare budgeted and actual amounts for medical assistants, clinic supplies, and lab tests. Past financial studies have shown that the cost of clinic supplies used is driven by the number of medical assistant labor hours worked, whereas lab tests are highly correlated with the number of patients served. The following information is available for June: Medical assistants Fall City's standard wage rate is $15 per hour, and each assistant is expected to spend 30 minutes with a patient. Assistants totaled 890 hours in helping the 1,630 patients seen, at an average pay rate of $15.90 per hour. Clinic supplies The cost of clinic supplies used is budgeted at $12 per labor hour, and the actual cost of supplies used was $9,350. Lab tests Each patient is anticipated to have three lab tests, at an average budgeted cost of $70 per test. Actual lab tests for June cost $355,014 and averaged 3.3 per patient. Required: 1. Prepare a report that shows budgeted and actual costs for the 1,630 patients served during June. Compute the differences (variances) between these amounts and label them as favorable or unfavorable. 2. On the basis of your answer to requirement (1), determine whether Fall City has any significant problems with respect to clinic supplies and lab tests. 3a. Determine the spending and efficiency variances for lab tests. (Hint: In applying the overhead variance formulas, think of the number of tests as the activity level, and think of the cost per test as analogous to the variable overhead rate.) 3b. Does it appear that Fall City has any significant problems with the cost of its lab tests? 4. Compare the lab test variance computed in requirement (1), a flexiblebudget variance, with the sum of the variances in requirement (3a). What is the relationship between the flexible budget variance and the total of the individual standardcost variances? Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3A Required 3B Required 4 On the basis of your answer to requirement (1), determine whether Fall City has any significant problems with respect to clinic supplies and lab tests. On the basis of your answer to requirement (1), determine whether Fall City has any significant problems with respect to clinic supplies and lab tests. previous next References Worksheet Learning Objective: 1101 Distinguish between static and flexible budgets and explain the advantages of a flexible overhead budget. Difficulty: 2 Medium Learning Objective: 1102 Prepare a flexible overhead budget, using both a formula and a columnar format. Learning Objective: 1105 Compute and interpret the variable overhead spending and efficiency variances and the fixed overhead budget and volume variances. http://ezto.mheducation.com/hm.tpx?todo=c15SinglePrintView&singleQuestionNo=2.&postSubmissionView=13252705367477461&wid=13252705367469788&ro... 1/1 3/23/2017 2. Assignment Print View Award: 8.33 points Fall City Hospital has an outpatient clinic. Jeffrey Harper, the hospital's chief administrator, is very concerned about cost control and has asked that performance reports be prepared that compare budgeted and actual amounts for medical assistants, clinic supplies, and lab tests. Past financial studies have shown that the cost of clinic supplies used is driven by the number of medical assistant labor hours worked, whereas lab tests are highly correlated with the number of patients served. The following information is available for June: Medical assistants Fall City's standard wage rate is $15 per hour, and each assistant is expected to spend 30 minutes with a patient. Assistants totaled 890 hours in helping the 1,630 patients seen, at an average pay rate of $15.90 per hour. Clinic supplies The cost of clinic supplies used is budgeted at $12 per labor hour, and the actual cost of supplies used was $9,350. Lab tests Each patient is anticipated to have three lab tests, at an average budgeted cost of $70 per test. Actual lab tests for June cost $355,014 and averaged 3.3 per patient. Required: 1. Prepare a report that shows budgeted and actual costs for the 1,630 patients served during June. Compute the differences (variances) between these amounts and label them as favorable or unfavorable. 2. On the basis of your answer to requirement (1), determine whether Fall City has any significant problems with respect to clinic supplies and lab tests. 3a. Determine the spending and efficiency variances for lab tests. (Hint: In applying the overhead variance formulas, think of the number of tests as the activity level, and think of the cost per test as analogous to the variable overhead rate.) 3b. Does it appear that Fall City has any significant problems with the cost of its lab tests? 4. Compare the lab test variance computed in requirement (1), a flexiblebudget variance, with the sum of the variances in requirement (3a). What is the relationship between the flexible budget variance and the total of the individual standardcost variances? Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3A Required 3B Required 4 Determine the spending and efficiency variances for lab tests. (Hint: In applying the overhead variance formulas, think of the number of tests as the activity level, and think of the cost per test as analogous to the variable overhead rate.) (Indicate the effect of each variance by selecting "Favorable" or "Unfavorable". Select "None" and enter "0" for no effect (i.e., zero variance). Do not round intermediate calculations.) show less Variableoverhead spending variance Variableoverhead efficiency variance previous next References Worksheet Learning Objective: 1101 Distinguish between static and flexible budgets and explain the advantages of a flexible overhead budget. Learning Objective: 1105 Compute and interpret the variableoverhead spending and efficiency variances and the fixedoverhead budget and volume variances. http://ezto.mheducation.com/hm.tpx?todo=c15SinglePrintView&singleQuestionNo=2.&postSubmissionView=13252705367477461&wid=13252705367469788&ro... 1/2 3/23/2017 Assignment Print View Difficulty: 2 Medium Learning Objective: 1102 Prepare a flexible overhead budget, using both a formula and a columnar format. http://ezto.mheducation.com/hm.tpx?todo=c15SinglePrintView&singleQuestionNo=2.&postSubmissionView=13252705367477461&wid=13252705367469788&ro... 2/2 3/23/2017 2. Assignment Print View Award: 8.33 points Fall City Hospital has an outpatient clinic. Jeffrey Harper, the hospital's chief administrator, is very concerned about cost control and has asked that performance reports be prepared that compare budgeted and actual amounts for medical assistants, clinic supplies, and lab tests. Past financial studies have shown that the cost of clinic supplies used is driven by the number of medical assistant labor hours worked, whereas lab tests are highly correlated with the number of patients served. The following information is available for June: Medical assistants Fall City's standard wage rate is $15 per hour, and each assistant is expected to spend 30 minutes with a patient. Assistants totaled 890 hours in helping the 1,630 patients seen, at an average pay rate of $15.90 per hour. Clinic supplies The cost of clinic supplies used is budgeted at $12 per labor hour, and the actual cost of supplies used was $9,350. Lab tests Each patient is anticipated to have three lab tests, at an average budgeted cost of $70 per test. Actual lab tests for June cost $355,014 and averaged 3.3 per patient. Required: 1. Prepare a report that shows budgeted and actual costs for the 1,630 patients served during June. Compute the differences (variances) between these amounts and label them as favorable or unfavorable. 2. On the basis of your answer to requirement (1), determine whether Fall City has any significant problems with respect to clinic supplies and lab tests. 3a. Determine the spending and efficiency variances for lab tests. (Hint: In applying the overhead variance formulas, think of the number of tests as the activity level, and think of the cost per test as analogous to the variable overhead rate.) 3b. Does it appear that Fall City has any significant problems with the cost of its lab tests? 4. Compare the lab test variance computed in requirement (1), a flexiblebudget variance, with the sum of the variances in requirement (3a). What is the relationship between the flexible budget variance and the total of the individual standardcost variances? Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3A Required 3B Required 4 Does it appear that Fall City has any significant problems with the cost of its lab tests? Does it appear that Fall City has any significant problems with the cost of its lab tests? previous next References Worksheet Learning Objective: 1101 Distinguish between static and flexible budgets and explain the advantages of a flexible overhead budget. Learning Objective: 1105 Compute and interpret the variableoverhead spending and efficiency variances and the fixedoverhead budget and volume variances. http://ezto.mheducation.com/hm.tpx?todo=c15SinglePrintView&singleQuestionNo=2.&postSubmissionView=13252705367477461&wid=13252705367469788&ro... 1/2 3/23/2017 Assignment Print View Difficulty: 2 Medium Learning Objective: 1102 Prepare a flexible overhead budget, using both a formula and a columnar format. http://ezto.mheducation.com/hm.tpx?todo=c15SinglePrintView&singleQuestionNo=2.&postSubmissionView=13252705367477461&wid=13252705367469788&ro... 2/2