New York City hospital analyzed their patient data in the ICU and categorized patients into two types: short- term and long-term. The standard quantities of labor and materials for each type of patient for 2011 are: Short-term Long-term 9 2.5 Direct Materials (lbs.) Nursing labor (hrs.) Standard price paid for direct materials (per lb.): $ 10.00 Standard rate for labor (per hour): $ 16.00 Variable overhead rate for ICU (per hour): $ 30.00 Fixed overhead rate for ICU (per hour): $ 40.00 **VOH and FOH are applied (used) on the basis of direct labor hours Actual operating data for 2011 is as follows: Total short-term patients: Total long-term patients: Direct materials for short-term patients (in lbs.): Direct materials for long-term patients (in lbs.): Nursing labor for short-term patients (in hours): Nursing labor for long-term patients (in hours): Total nursing labor hours (both types of patients): Total cost of Labor (includes both types of patients): 4,000 8000 35,000 @$9.50 165,000 @$9.50 10,200 40,500 50,700 $580,350 "Below, I have prepared the standard cost sheet for the short-term patient: New York City Hospital Standard Cost Sheet Direct materials Direct labor Variable overhead Fixed overhead Total standard unit cost For Short-term Patients, 2011 21 5 Standard Price Standard Usage Standard Cost $ 10.00 9 $ 90.00 $ 16.00 2.5 $ 40.00 $ 30.00 2.5 $ 75.00 $ 40.00 2.5 $ 100.00 $ 305.00 1. Complete a standard cost sheet for the long-term patient below. (7 points--must use a formula for all calculations) Direct materials Direct labor "Variable overhead Fixed overhead Total standard unit cost New York City Hospital Standard Cost Sheet For Long-term Patients, 2011 Standard Price Standard Usage Standard Cost Compute the MPV for the short-term patients and state whether its favorable or not. (2 points--must use a formula for the calculation). 3. Compute the MUV for the long-term patients and state whether its favorable or not. (2 points--must use a formula for the calculation). 4. Compute the LRV for the short-term patients and state whether its favorable or not. (2 points--must use a formula for the calculation). 5. Compute the LEV for the long-term patients and state whether it is favorable or unfavorable. (2 points--must use a formula for the calculation)