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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
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 Direct Materials (lbs.) 9 21 Nursing labor (hrs.) 2.5 5 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: 4,000 Total long-term patients: 8000 Direct materials for short-term patients (in lbs.): 35,000 @ $9.50 Direct materials for long-term patients (in lbs.): 165,000 @ $9.50 Nursing labor for short-term patients (in hours): 10,200 Nursing labor for long-term patients (in hours): 40,500 Total nursing labor hours (both types of patients): 50,700 Total cost of Labor (includes both types of patients): $580,350 Below, is a prepared standard cost sheet for a short-term patient: New York City Hospital Standard Cost Sheet For Short-term Patients, 2011 Standard Price Standard Usage Standard Cost Direct materials $ 10.00 9 $ 90.00 Direct labor $ 16.00 2.5 $ 40.00 Variable overhead $ 30.00 2.5 $ 75.00 Fixed overhead $ 40.00 2.5 $ 100.00 Total standard unit cost $ 305.00 1. I need assistance in completing a standard cost sheet for the long-term patient using a formula. New York City Hospital Standard Cost Sheet For Long-term Patients, 2011 Standard Price Standard Usage Standard Cost Direct materials Direct labor Variable overhead Fixed overhead Total standard unit cost 2. How would I compute the MPV for the short-term patients and decide if favorable or not. 3. How would I compute MUV for the long-term patients and decide if it's favorable or not? 4.How would I compute LRV for the short-term patients and decide if its favorable or not. 5. How would I compute LEV for the long-term patients and decide if its favorable or not. 6. How would I explain to the company what was causing the variances above for their short-term patients, what is one possible (reasonable) cause?
| 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 | |||||
| Direct Materials (lbs.) | 9 | 21 | ||||
| Nursing labor (hrs.) | 2.5 | 5 | ||||
| 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: | 4,000 | |||||
| Total long-term patients: | 8000 | |||||
| Direct materials for short-term patients (in lbs.): | 35,000 | @ $9.50 | ||||
| Direct materials for long-term patients (in lbs.): | 165,000 | @ $9.50 | ||||
| Nursing labor for short-term patients (in hours): | 10,200 | |||||
| Nursing labor for long-term patients (in hours): | 40,500 | |||||
| Total nursing labor hours (both types of patients): | 50,700 | |||||
| Total cost of Labor (includes both types of patients): | $580,350 | |||||
| Below, is a prepared standard cost sheet for a short-term patient: | ||||||
| New York City Hospital | ||||||
| Standard Cost Sheet | ||||||
| For Short-term Patients, 2011 | ||||||
| Standard Price | Standard Usage | Standard Cost | ||||
| Direct materials | $ 10.00 | 9 | $ 90.00 | |||
| Direct labor | $ 16.00 | 2.5 | $ 40.00 | |||
| Variable overhead | $ 30.00 | 2.5 | $ 75.00 | |||
| Fixed overhead | $ 40.00 | 2.5 | $ 100.00 | |||
| Total standard unit cost | $ 305.00 | |||||
| 1. I need assistance in completing a standard cost sheet for the long-term patient using a formula. | ||||||
| New York City Hospital | ||||||
| Standard Cost Sheet | ||||||
| For Long-term Patients, 2011 | ||||||
| Standard Price | Standard Usage | Standard Cost | ||||
| Direct materials | ||||||
| Direct labor | ||||||
| Variable overhead | ||||||
| Fixed overhead | ||||||
| Total standard unit cost | ||||||
| 2. How would I compute the MPV for the short-term patients and decide if favorable or not. | ||||||
| 3. How would I compute MUV for the long-term patients and decide if it's favorable or not? | ||||||
| 4.How would I compute LRV for the short-term patients and decide if its favorable or not. | ||||||
| 5. How would I compute LEV for the long-term patients and decide if its favorable or not. | ||||||
| 6. How would I explain to the company what was causing the variances above for their short-term patients, what is one possible (reasonable) cause? | ||||||
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Social Statistics For A Diverse Society
Authors: Chava Frankfort Nachmias, Anna Leon Guerrero
7th Edition
148333354X, 978-1506352060, 1506352065, 978-1483359687, 1483359689, 978-1483333540
