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: 1. Complete a standard cost sheet for the long-term patient below. (7 points-must use a formula for all calculations) \begin{tabular}{|lc|} \hline & New York City Hospital \\ \hline & Standard Cost Sheet \\ \hline Direct materials & Long-term Patients, 20 \\ \hline Direct labor \\ \hline Variable overhead \\ \hline Fixed overhead \\ \hline Total standard unit cost \\ \hline \end{tabular} 2. 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). 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: 1. Complete a standard cost sheet for the long-term patient below. (7 points-must use a formula for all calculations) \begin{tabular}{|lc|} \hline & New York City Hospital \\ \hline & Standard Cost Sheet \\ \hline Direct materials & Long-term Patients, 20 \\ \hline Direct labor \\ \hline Variable overhead \\ \hline Fixed overhead \\ \hline Total standard unit cost \\ \hline \end{tabular} 2. 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)