Northwest Hospital is a full-service hospital that provides everything from major surgery and emergency clinics. Required: For each of the following costs incurred at Northwest Hospital, indicate whether it would most likely be of the specified cost object. Cost Cost Object Direct Cost or Indirect Cost Example: Catered food served to patients A particular patient Direct Cost 1. The wages of pediatric nurses The pediatric department 2. Prescription drugs A particular patient 3. Heating the hospital The pediatric department 4. The salary of the head of pediatrics The pediatric department 5. The salary of the head of pediatrics A particular pediatric patient 6. Hospital chaplain's salary A particular patient 7. Lab tests by outside contractor A particular patient 8. Lab tests by outside contractor A particular department

Northwest Hospital is a full-service hospital that provides everything from major surgery and emergency clinics. Required: For each of the following costs incurred at Northwest Hospital, indicate whether it would most likely be of the specified cost object. Cost Cost Object Direct Cost or Indirect Cost Example: Catered food served to patients A particular patient Direct Cost 1. The wages of pediatric nurses The pediatric department 2. Prescription drugs A particular patient 3. Heating the hospital The pediatric department 4. The salary of the head of pediatrics The pediatric department 5. The salary of the head of pediatrics A particular pediatric patient 6. Hospital chaplain's salary A particular patient 7. Lab tests by outside contractor A particular patient 8. Lab tests by outside contractor A particular department

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Comprehensive Insurance Company has two product lines, health insurance and auto insurance. The two product lines are served by three operating departments, which are necessary for providing the two types of products: claims processing, administration, and sales. These three operating departments are supported by two departments: Information technology and operations. The support provided by information technology and operations to the other departments is shown below. Operating Departments Information technology. Operations Information technology Operations Claims processing Sales The total costs incurred in the five departments are: Total costs Support Departments a Direct Method b. Step Method (Info Tech First) Step Method (Operations First) Information Technology 10% c Reciprocal Method Operations 20% $ 567,000 1,550,000 340,000 550,000 580,000 $3,587,000 Required: Determine the total costs in each of the three operating departments, after departmental allocations, using (a) the…
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2.A hospital has the following cost and utilization information Overhead cost: Maintenance costs: $250,000 Cost centers: Ward: $50,000; Coronary care Unit $100,000 Utilization: Ward treats 100 patients; Coronary care unit treats 50 patients A. . What is the average cost of the Ward and Coronary care unit, ignoring overhead costs? B. If you were to allocate overhead costs to the Ward and the coronary care unit, what share would you allocate to each? Explain. C. If the Ward has 2,000 square feet of space and the coronary care unit at 10,000 square feet, calculate average costs for each unit including the appropriate allocation of overhead costs to each.
Need help using ABC product costing model. Grand Haven is a senior living community that offers a full range of services including independent living, assisted living, and skilled nursing care. The asssited living division provides residential space, meals, and medical services (MS) to its residents. The current costing system adds the cost of all of these services (space, meals, and MS) and divides by total resident days to get a cost per resident day for each month. Recognizing that MS tends to vary significantly among the residents, Grant Haven's accountant recommended that an ABC system be designed to calculate more accurated the cost of MS provided to residents. She decided that residents should be classified into four categories (A, B, C, D) based on the level of services received, with group A representing the lowest level of services and D representing the highest level of service. Two cost drivers being considered for measuring MS costs are number of assistance calls…
Mercy Hospital staffs its medical/surgical floors with nurses depending on the number of pa- tients assigned to the floor and the severity of their condition. The index used to capture nurse effort is termed a relative value unit, or RVU. For example, taking vital signs for a single patient may be equal to one RVU. RVU's are then summed to estimate the total RVU requirements for the floor. From this, the nursing staff budget is determined. The medical/surgical floor is scheduled to have 25 patients for each day of the coming seven-day week. Some patients will require more nursing effort than others, depending on the severity of their conditions or their ages. The following table summarizes the expected RVU requirements for the patients: Number of Patients RVUS per Day 5 20 8 25 10 30 40 A nurse earns $180 per day and is able to perform 40 RVUS per day. a. Determine the total number of RVUS expected per day for the coming week. b. Determine the total weekly nurse budget for the coming…
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