Question: Using the weighted procedure method setting rates, calculate the relative value and cost per procedure for the following lab procedures. Assume total lab cost of

Using the weighted procedure method setting rates, calculate the relative value and cost per procedure for the following lab procedures. Assume total lab cost of $1,500,000 and average hourly wage of $16.

Procedure Projected Volume Labor Minutes Supply Expense

A 4000 15 0.75

B 6000 13 0.50

C 3000 11 0.50

D 5000 10 0.75

E 4000 12 0.90

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