Assignment : financial accounting 23-6 Eastern Valley Hospital tracks medical suppliesdaily. Initial count 600 units, received 400 units,used 850 units. End count shows 120 units.Identify the supply variance.

Explanation of Initial Supply Count:The initial supply count represents the inventory of medical…

Answered: Eastern Valley Hospital tracks medical…

Managerial Accounting: The Cornerstone of Business Decision-Making

7th Edition

ISBN:9781337115773

Author:Maryanne M. Mowen, Don R. Hansen, Dan L. Heitger

Publisher:Maryanne M. Mowen, Don R. Hansen, Dan L. Heitger

Chapter3: Cost Behavior And Cost Forecasting

Section: Chapter Questions

Problem 7MCQ

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Supply Variance?
Answer
Decompose the profit (total) variance for the aggregate organization and for each product line into revenue and cost variances. Decompose the revenue variances into enrollment and rate variances. Decompose the cost variances into volume and management variances.
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Analyze valley hospital's admissions time variance
Analyze Valley Hospital's admissions time variance Valley Hospital began using standards to evaluate its Admissions Department. The standard was broken into two types of admissions as follows: Standard Time to Type of Complete Admission Admission Record Unscheduled 30 min. Scheduled 15 min. The unscheduled admission took longer because name, address, and insurance information needed to be determined and verified at the time of admission. Information was collected on scheduled admissions prior to admitting the patient, thus requiring less time in admissions. The Admissions Department employs four full-time people for 40 hours per week at $15 per hour. For the most recent week, the department handled 140 unscheduled and 340 scheduled admissions. a. How much was actually spent on labor for the week? 2$ b. What are the standard hours for the actual volume of work for the week? hours c. Compute the direct labor time variance, and report how well the department performed for the week. Enter…
Analyze Valley Hospital's admissions time variance Valley Hospital began using standards to evaluate its Admissions Department. The standard was broken into two types of admissions as follows: Standard Time to Complete Type of Admission Record Admission Unscheduled 30 min. 20 min Scheduled The unscheduled admission took longer because name, address, and insurance information needed to be determined and verified at the time of admission. Information was collected on scheduled admissions prior to admitting the patient, thus requiring less time in admissions. The Admissions Department employs four fulll-time people for 40 hours per week at $12 per hour. For the most recent week, the department handled 184 unscheduled and 240 scheduled admissions. a. How much was actually spent on labor for the week? b. What are the standard hours for the actual volume of work for the week? (Round to the nearest whole hour.) hours c. Compute the direct labor time variance, and report how well the…
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Analyze Valley Hospital's admissions time variance Valley Hospital began using standards to evaluate its Admissions Department. The standard was broken into two types of admissions as follows: Type of Admission Unscheduled Scheduled Standard Time to Complete Admission Record 30 min. 20 min. The unscheduled admission took longer because name, address, and insurance information needed to be determined and ver at the time of admission. Information was collected on scheduled admissions prior to admitting the patient, thus requiring les in admissions. The Admissions Department employs three full-time people for 40 hours per week at $21 per hour. For the most recent week, department handled 136 unscheduled and 174 scheduled admissions. a. How much was actually spent on labor for the week? b. What are the standard hours for the actual volume of work for the week? (Round to the nearest whole hour.) hours c. Compute the direct labor time variance, and report how well the department performed…
Analyze Valley Hospital's admissions time variance Valley Hospital began using standards to evaluate its Admissions Department. The standard was broken into two types of admissions as follows: Type of Admission Unscheduled Scheduled Standard Time to Complete Admission Record 30 min. 20 min. The unscheduled admission took longer because name, address, and insurance information needed to be determined and verified at the time of admission. Information was collected on scheduled admissions prior to admitting the patient, thus requiring less time in admissions. The Admissions Department employs three full-time people for 40 hours per week at $15 per hour. For the most recent week, the department handled 136 unscheduled and 174 scheduled admissions. a. How much was actually spent on labor for the week? b. What are the standard hours for the actual volume of work for the week? (Round to the nearest whole hour.) hours c. Compute the direct labor time variance, and report how well the…
you have been asked by management to explain variances in cost under inpatient capitated contract. the intensity of care delivered dropped from a budgeted case mix of 0.90 to an actual case mis of 0.85. what dollar effect did this have on actual cost. cost per case increased 4900 from budgeted value of 4750. this increased actual total cost by what amount? budget actual inpatient cost 12,568,500 16618350 members 4200 4200 admission rate 0.07 0.095 case mix index 0.9 0.85 cost per case (CMI = 1.0) 4750 4900
In the cost formula, the term 12,000 a. is the variable rate. b. is the dependent variable. c. is the independent variable. d. is the intercept. e. cannot be determined from the above formula. Use the following information for Multiple-Choice Questions 3-4 through 3-7: The following cost formula was developed by using monthly data for a hospital. Total Cost = 128,000,000 + (12,000 Number of Patient Days)

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Eastern Valley Hospital tracks medical supplies daily. Initial count 600 units, received 400 units, used 850 units. End count shows 120 units. Identify the supply variance.