COST MANAGEMENT LOOSELEAF CUSTOM
COST MANAGEMENT LOOSELEAF CUSTOM
8th Edition
ISBN: 9781307659177
Author: BLOCHER
Publisher: MCG/CREATE
Question
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Chapter 7, Problem 47P

1.

To determine

Ascertain the allocation of the joint production and total manufacturing costs to all the products.

2.

To determine

Ascertain the effect of further processing the product H-35 and analyze the given situations.

3.

To determine

Ascertain the course of actions to be taken by the production supervisor, when a critical element of one product is present in another product though in small quantities.

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St. Joseph’s Hospital began operations in December 2023 with patient service revenues totaling $1,030,000 (based on customary rates) for the month. Of this, $219,000 is billed to patients, representing their insurance deductibles and copayments. The balance is billed to third-party payors, including insurance companies and government health care agencies. St. Joseph’s estimates that 20 percent of these third-party payor charges will be deducted by contractual adjustment. The hospital’s fiscal year ends on December 31. Required: Prepare the journal entries for December 2023. Assume 15 percent of the amounts billed to patients will be reduced through implicit price adjustments. Prepare the journal entries for 2024 assuming the following: $107,000 is collected from the patients during the year, and $10,300 of price adjustments are granted to individuals. Actual contractual adjustments total $168,000. The remaining receivable from third-party payors is collected.

Chapter 7 Solutions

COST MANAGEMENT LOOSELEAF CUSTOM

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