Question: Using the weighted procedure methodof setting rates, calculate the relativevalueand cost per procedure for the following lab procedures, givenatotal labcostof $1.25 million andanaverage hourly lab

Using the weighted procedure methodof setting rates, calculate the relativevalueand cost per procedure for the following lab procedures, givenatotal labcostof $1.25 million andanaverage hourly lab tech rateof $15 (to calculate the RVU, divide the total sample expense by the com-mon denominator of .25): Projected Amylase Bleeding time Uric acid Platelet count Hematocrit 4,000 5,000 3,000 7,800 7,600 Labor ProcedureVolumeinMinutes 0 15 12 10 09 8 Supply Expense ($) .75 .50 .50 .25 .25

Step by Step Solution

★★★★★

3.38 Rating (157 Votes )

There are 3 Steps involved in it

1 Expert Approved Answer

Step: 1 Unlock

To calculate the relative value and cost per procedure using the weighted procedure method we need t... View full answer

Question Has Been Solved by an Expert!

Get step-by-step solutions from verified subject matter experts

Step: 2 Unlock

Step: 3 Unlock

Students Have Also Explored These Related Accounting Questions!

On March 1, Year 9, Saskatchewan Inc., a Canadian company with a December 31 year-end, invested the sum of 2,640,000 Swiss francs (CHF) in Norktel, a Swiss telecommunications company. On the...

The following additional information is available for the Dr. Ivan and Irene Incisor family from Chapters 1-5. Ivan's grandfather died and left a portfolio of municipal bonds. In 2012, they pay Ivan...

Managing Scope Changes Case Study Scope changes on a project can occur regardless of how well the project is planned or executed. Scope changes can be the result of something that was omitted during...

public class Main { // Method to conert pounds to kilograms public static double pounds ToKilogram (double pound) { } return 0.45454 * pound; // Method to convert kilograms to Pound public static...

Job-Order Costing - 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 $2,500,000 and...

Please explain all steps. I want to learn, not just see answer. Using the weighted procedure method setting rates, calculate the relative value and cost per procedure for the following lab...

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...

MUST SHOW WORK!!!! 218 Introduction to the Financial Management of Healthcare Organizations Referring to the job-order costing and activity-based costing self-quiz problems 186 and 191, respectively,...

Using the weighted procedure method of setting rates, calculate the relative value and cost per procedure for the following lab procedures, given a total lab cost of $1.25 million and an average...

please show the work for all problem. attached answer key down below 18 6 Introduction to the Financial Management of Healthcare Organizations Job-Order Costing Self-Quiz Problem Using the weighted...

Please see attached file! Questions 1-3 in excel or word (not sure if 1-2 need to be done in excel) 1) JobOrder Costing Using the weighted procedure method of setting rates, calculate the relative...

According to ethical standards for research with humans, researchers are required to debrief participants. Question 10 Not yet answered a. True b. False Marked out of 1.00 Select one: P Flag question...

A company determines that the monthly profit P for producing x Whatnots per month is given by P = 60x-.2x - 1400. (a) What is their monthly profit if they produce 20 Whatnots per month? (b) How many...

Find the centroid of the region bounded above by f ( x ) = x + 1 and below by the x - axis for 2 x 1 .

The purpose of this assignment is to employ accounting principles and relevant business practices to evaluate a companys performance and financial position through a comparison to industry data....

Emily Valley is a licensed dentist. During the first month of the operation of her business, the following events and transactions occurred.n n April 1 Invested $20,000 cash in her business.n n 1...

On January 1, 2019, Sharon Matthews established Tri-City Realty, which completed the following transactions during the month: a. Sharon Matthews transferred cash from a personal bank account to an...

An account earns a periodic compounding rate of 5.5%. How many periods would It take foe a single deposit In this account to quadruple (x 4) In value? Weep AT LEAST 3 decimal places in any...

The partnership of Dolla, Earl, and Festus was dissolved on January 1, 2014. The balance sheet at that date is shown below: In January, $34,000 of the accounts receivable was collected, and an...

A company has hired nationals from its home country to run its management process. The management team, in turn, has hired locals to run the operations in some markets. What's the policy outcome...

Import Distributors, Inc. (IDI), imported appliances and distributed them to retail appliance stores in the Rocky Mountain states. IDI carried three broad lines of merchandise: audio equipment...

The Power Corporation had the following common shares outstanding during the fiscal year: 100,000 during the first quarter of the fiscal year and 300,000 during the balance of the fiscal year. What...

Tri-City College is organized into three instruction centers and two service centers. The instruction centers are arts and sciences, education, and business administration. The service centers are...

A child in danger of drowning in a river is being carried downstream by a current that flows uniformly with a speed of 2.0 m/s. The child is 200 m from the shore and 1500 m upstream of the boat dock...

A 6.0-cm-diameter gear rotates with angular velocity v = (2.0 + 1 / 2 t 2 ) rad / s, where t is in seconds. At t = 4.0 s, what are: a. The gears angular acceleration? b. The tangential acceleration...

A brick is falling from the roof of a three-story building. How many force vectors would be shown on a free-body diagram? Name them.