John Fleming, chief administrator for a district hospital, is concemed about costs for tests In the hospital's lab. Fleming has asked youto evaluate costs for the past month. The following Information is avallable:a. Basically, two types of tests are performed in the lab-blood tests and smears. During the past month, 2,610 blood tests and 3,480smears were performed in the lab.b. Small glass plates are used in both types of tests. During the past month, the hospital purchased 17.400 plates at a cost of $41,760This cost is net of a 6% quantity discount. 1,740 of these plates were still on hand unused at the end of the month; there were noplates on hand at the beginning of the month.c. During the past month, 1,600 hours of labour time were recorded in the lab. The cost of this labour time was $19,440.d. Varlable overhead cost last month in the lab for utilities and supplies totalled $10,880.The hospital has never used standard costs. By searching industry literature, hoever, you have determined the following nationwideaverages for hospital labs:PlatesTwo plates are required per lab test, These plates cost $2.55 each and are disposed of after the test is completed.Labour: Each blood test should require 0.30 hour to complete, and each snear should require 0.15 hour to complete. The averagecost of this lab tine is $14.00 per hour.Overhead: overhead cost is based on direct labour-hours. The average rate for variable overhead is $5.80 per hour.Fleming would like a complete analysis of the cost of plates, labour, and overhead in the lab for the last month so that he can get tothe root of the lab's cost problem.Required:1. Compute a materials price variance for the plates purchased last month and a materials quantity variance for the plates used lastmonth. (Indicate the effect of each variance by selecting "F" for favourable, "U" for unfavourable, and "None" for no effect (i.e.,zero verionce).)2610Materials price varianceAleut Materials price variance2,610F12,180 UMatenals quantity variancences2. For labour cost in the lab:a. Compute a labour rate variance and a labour efficiency variance. (Do not round intermediete calculations. Round "Efficiencyvarionce" answer to 2 decimal places. Indicate the effect of ench variance by selecting "F" for favourable, "U" for unfovourable,and "None" for no effect (i.e., zero variance).)Labour rate varianceLabour efficiency variance

Solution: 1) AP = $28,200 ÷ 12,000 plates = 2.35 Per plate AQ 12000 SP (Given) 2.5…

Answered: Required: 1. Compute a materials price…

MATLAB: An Introduction with Applications

6th Edition

ISBN:9781119256830

Author:Amos Gilat

Publisher:Amos Gilat

Chapter1: Starting With Matlab

Section: Chapter Questions

Problem 1P

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Required: 1. Compute a materials price variance for the plates purchased last month and a materials quantity variance for the plates used last month. (Indicate the effect of each variance by selecting "F" for favourable, "U" for unfavourable, and "None" for no effect (.e. zero variance).)