John Fleming, chief administrator for Valley View Hospital, is concerned about the costs for tests in the hospital's lab. Charges for lab tests are consistently higher at Valley View than other hospitals and have resulted in many complaints. Also, because of strict regulations on amounts reimbursed for lab tests, payments received from insurance companies and governmental units have not been high enough to cover lab costs. Mr. Fleming asked you to evaluate costs in the hospital's lab for the past month. The following information is available: a. Two types of tests are performed in the lab-blood tests and smears. During the past month, 1,250 blood tests and 3,900 smears were performed in the lab. b. Small glass plates are used in both types of tests. During the past month, the hospital purchased 19,500 plates at a cost of $73,320. 2,900 of these plates were unused at the end of the month; no plates were on hand at the beginning of the month. c. During the past month, 2,900 hours of labor time were recorded in the lab at a cost of $32,625. d. The lab's variable overhead cost last month totaled $24,650. Valley View Hospital has never used standard costs. By searching industry literature, however, you determined the following nationwide averages for hospital labs: Plates: Three plates are required per lab test. These plates cost $4.00 each and are disposed of after the test is completed. Labor: Each blood test should require 0.8 hour to complete, and each smear should require 0.40 hour to complete. The average cost of this lab time is $12.10 per hour. Overhead: Overhead cost is based on direct labor-hours. The average rate for variable overhead is $8.00 per hour.

The demand for cocoa butter hand lotion, one of numerous products manufactured by Smooth Skin Care Products Inc., has dropped sharply because of recent competition from a similar product. The controller has been asked by the president of the company for advice on whether to continue production during the following month or to suspend the manufacture of cocoa butter hand lotion until a strategy to regain market share. The controller has assembled the following pertinent data: Smooth Skin Care Products Inc. Income Statement - Cocoa Butter Hand Lotion For the Month Ended January 31 Financial Categories Sales (400,000) Cost of goods sold Gross profit Dollar Amount $ 32,200,000 $28,330,000 $ 3,870,000 Selling and admin expenses Loss from operations $ 4,270,000 $ (400,000) The production costs and selling and administrative expenses, based on the production of 400,000 units in the Income Statement above, are as follows: Direct materials Category Dollar Amount $16 per unit 17 per unit Direct…

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One of the main concerns in the coronavirus outbreak is the spreadof the virus during air travel. To avoid the risk of spreadingvirusand eliminate concernsduring air travel, airlines started to circulate fresh air in the airplane cabins every 3 minutes. For this purpose, air needs to be compressedfrom outside to inside the airplane cabinand conditioned for passenger comfort and safety. Calculate the average cost of this new implementation to Turkish Airlines for one of its national flights assuming that the energy costs 2 Turkish liras (TL) per kW hr?

Its a standard practice question I am struggling with

Pace Labs. Inc. provides mad cow disease testing for both state and federal governmental, agricultural agencies. Because the company's customers are governmental agencies, prices are strictly regulated. Therefore, Pace Labs must constantly monitor and control its testing costs. Shown below are the standard costs for a typical test.   Direct materials (2 test tubes @ $1.46 per tube)                $ 2.92   Direct Labor (1 hour @ $24 per hour)                                       24.00   Variable overhead (1 hour @ $6 per hour)                               6.00   Fixed overhead (1 hour @ $10 per hour)                                10.00                 Total standard cost per test                                           $42.92 The lab does not maintain an inventory of test tubes. Therefore, the tubes purchased each month are used that month. Actual activity for the month of November 2014, when 1,500 tests were conducted, resulted in the following.   Direct materials (3,050 test…

The operations vice president of Security Home Bank has been interested in investigating the efficiency of the bank’s operations. She has been particularly concerned about the costs of handling routine transactions at the bank and would like to compare these costs at the bank’s variousbranches. If the branches with the most efficient operations can be identified, their methods can be studied and then replicated elsewhere. While the bank maintains meticulous records of wages and other costs, there has been no attempt thus far to show how those costs are related to the various services provided by the bank. The operations vice president has asked your help in conducting an activity-based costing study of bank operations. In particular, she would like to know the cost of opening an account, the cost of processing deposits and withdrawals, and the cost of processing other customer transactions.The Westfield branch of Security Home Bank has submitted the following cost data for last year:…

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Pace Labs. Inc. provides mad cow disease testing for both state and federal governmental, agricultural agencies. Because the company's customers are governmental agencies, prices are strictly regulated. Therefore, Pace Labs must constantly monitor and control its testing costs. Shown below are the standard costs for a typical test.     Direct materials (2 test tubes @ $1.46 per tube)                $ 2.92   Direct Labor (1 hour @ $24 per hour)                                       24.00   Variable overhead (1 hour @ $6 per hour)                               6.00   Fixed overhead (1 hour @ $10 per hour)                                10.00                 Total standard cost per test                                           $42.92   The lab does not maintain an inventory of test tubes. Therefore, the tubes purchased each month are used that month. Actual activity for the month of November 2014, when 1,500 tests were conducted, resulted in the following.   Direct materials (3,050 test…