Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Please help with this problem. The questions are in the image and I have add the two links that have more information. What's in a

Please help with this problem.

The questions are in the image and I have add the two links that have more information.

image text in transcribed
What's in a cost estimate? We often read a lot about cost estimates in the news. But what goes into making cost estimates? There is a lot of debate about the cost to reopen schools this fall amid the COVI D-19 pandemic, with different groups and individuals arriving at different cost estimates. One estimate 2' places the cost at $2,300 per student while another source 2' estimates it will cost only $490 per student. Given what you know about cost behavior and cost estimates, respond to the following questions in your discussion post. How can two estimates for the same cost be so different? Identify a couple of examples of costs included in the estimate that exhibit different behaviors. In other words, identify specic costs that would be considered xed, variable, mixed, or step-variable costs. Assuming that the $2 .300 per student is an accurate cost estimate, would it cost a school an additional $2,300 if one more student enrolled? Would it cost a school $2,300 less if one more student chose to stay home and be home-schooled? Why or why not? If you were in charge of developing the cost for your school, which estimate would you use - $2,300 or $490? Why? Assume you are in charge of your organization's COVI D-19 response. How would prepare a cost estimate for returning to work? Here are a couple of examples from a past class [a different discussion prompt that asked to describe how a specic estimate was made} to illustrate what a good response would look like. Example of a poor response Example of a better response "i puiied the number of patients who used nitrous from January 2018 to Juiy 2018 to get an average number of patients who use nitrous Joer month {which was 48, that irounded to 50}. i estimated that cost of the nitrous and oxygen gas to be $200 per month and the cost for the masks used to administer to be $300 per month ($6.00 per unit). 80 i determined that this senrice costs $10.00 per patient. " This is more in line with what I am looking for. This explanation, however, needs to provide more details about how the $200 per month gas cost and the $6.00 per mask cost were determined. Also. specifying the calculation of $200! 50 patients = $4 per patient would have helped the reader follow the calculation. Don't make the reader do the calculations

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Advanced Accounting

Authors: Joe Ben Hoyle, Thomas Schaefer, Timothy Doupnik

14th Edition

1260247821, 978-1260247824

More Books

Students also viewed these Accounting questions