Questions
Askland Clinic uses client-visits as its measure of activity. During October, the clinic budgeted for 3,100...

Askland Clinic uses client-visits as its measure of activity. During October, the clinic budgeted for 3,100 client-visits, buts its actual level of activity was 3,130 client-visits.  The clinic has provided the following data concerning the formulas used in its budgeting and its actual results for October:

Data used in budgeting:

                                                                                                Fixed                            Variable

                                                                                           amount per                         amount per

                                                                                                month                          client-visit

Revenue ……………………………………………………                               -                                   $28.80

Personnel expenses ………………………………….                                $22,100                        $ 8.60

Medical supplies ……………………………………….                                   1,300                            5.50

Occupancy expenses………………………………..                                     6,300                            1.00

Administrative expenses ………………………….                                    3,500                              .40

Total expenses …………………………………………                                $33,200                        $15.50

Actual results for October:

Revenue ………………………………………………….                                 $86,454

                                                                                                   Total              Fixed Portion    

Personnel expenses………………………………..                                  $47,098            $24,350

Medical supplies……………………………………..                                  $18,925            $  1,290

Occupancy expenses………………………………                                   $  9,170            $  6,520

Administrative expenses………………………..                                   $  4,972            $  3,640

Required:

Part a—Prepare budgeted amounts for the planned visits and the actual visits (i.e. prepare a flexible

               budget)

Part b—Prepare a flexible budget performance report for October.

Flexible Budget
Unit Total Budgeted Amounts For:
Var Cost Fixed Cost 3,100 visits 3,130 visits
Revenues
Variable Costs
Personnel expenses
Medical supplies
Occupancy expenses
Administrative expenses
Total variable costs
Contribution margin
Fixed Costs
Personnel expenses
Medical supplies
Occupancy expenses
Administrative expenses
Total fixed costs
Income from operations
Part b
Flexible budget performance report for October
Per Unit Flexible Actual Fav or
Amounts Budget Results Variance Unf
Revenues
Variable Costs
Personnel expenses
Medical supplies
Occupancy expenses
Administrative expenses
Total variable costs
Contribution margin
Fixed Costs
Personnel expenses
Medical supplies
Occupancy expenses
Administrative expenses
Total fixed costs
Income from operations

In: Finance

Mears Production Company makes several products and sells them for an average price of $85. Mears'...

Mears Production Company makes several products and sells them for an average price of $85. Mears' accountant is considering two different approaches to estimating the firm's total monthly cost function, 1) account analysis, and 2) high-low. In both cases, she used units of production as the independent variable. For the account analysis approach, she developed the cost function by analyzing each cost item in February, when production was 1,700 units. The following are the results of that analysis:

  Cost Item

Total Cost

Fixed Cost

Variable Cost
  Direct materials

$7,480

$0

$7,480
  Direct labor

$8,840

$0

$8,840
  Factory overhead

$7,780

$3,360

$4,420
  Selling expenses

$7,100

$3,700

$3,400
  Administrative expenses

$3,100

$3,100

$0
  Total expenses

$34,300

$10,160

$24,140



For the high-low method, she developed the cost function using the data from February above and data from May, when production was 2,500 units and total costs were $46,928.

After developing the two cost functions, the accountant used them to make predictions for the month of October, when production was expected to be 2,250 units.


REQUIRED [ROUND UNIT COSTS TO THE NEAREST CENT AND TOTAL COSTS TO THE NEAREST DOLLAR.]

Part A (5 tries; 5 points)
1. Using account analysis, what was the accountant's estimate of total fixed costs for October?   

2. Using account analysis, what was the accountant's estimate of total variable costs for October?   


Part B (5 tries; 5 points)
1. Using the high-low method, what was the accountant's estimate of total fixed costs for October?   

2. Using the high-low method, what was the accountant's estimate of variable costs per unit for October?

In: Accounting

FloorMate Carpet Company manufactures carpets. Fiber is placed in process in the Spinning Department, where it...

FloorMate Carpet Company manufactures carpets. Fiber is placed in process in the Spinning Department, where it is spun into yarn. The output of the Spinning Department is transferred to the Tufting Department, where carpet backing is added at the beginning of the process and the process is completed. On October 1, FloorMate Carpet Company had the following inventories:

Finished Goods $8,400
Work in Process-Spinning Department 1,600
Work in Process-Tufting Department 2,100
Materials 4,500

Departmental accounts are maintained for factory overhead, and both have zero balances on October 1. Manufacturing operations for October are summarized as follows:

Oct. 1 Materials purchased on account, $84,300
2 Materials requisitioned for use:
Fiber—Spinning Department, $42,600
Carpet backing—Tufting Department, $34,500
Indirect materials—Spinning Department, $4,000
Indirect materials—Tufting Department, $2,500
31 Labor used:
Direct labor—Spinning Department, $27,200
Direct labor—Tufting Department, $18,600
Indirect labor—Spinning Department, $12,200
Indirect labor—Tufting Department, $11,800
31 Depreciation charged on fixed assets:
Spinning Department, $5,300
Tufting Department, $3,300
31 Expired prepaid factory insurance:
Spinning Department, $1,200
Tufting Department, $1,000
31 Applied factory overhead:
Spinning Department, $23,100
Tufting Department, $18,150
31 Production costs transferred from Spinning Department to Tufting Department, $86,000
31 Production costs transferred from Tufting Department to Finished Goods, $150,000
31 Cost of goods sold during the period, $154,500
Required:
1. Journalize the entries to record the operations, using the dates provided with the summary of manufacturing operations. Refer to the Chart of Accounts for exact wording of account titles.
2. Compute the October 31 balances of the inventory accounts.
3. Compute the October 31 balances of the factory overhead accounts.

In: Accounting

FloorMate Carpet Company manufactures carpets. Fiber is placed in process in the Spinning Department, where it...

FloorMate Carpet Company manufactures carpets. Fiber is placed in process in the Spinning Department, where it is spun into yarn. The output of the Spinning Department is transferred to the Tufting Department, where carpet backing is added at the beginning of the process and the process is completed. On October 1, FloorMate Carpet Company had the following inventories:

Finished Goods $8,300
Work in Process-Spinning Department 2,000
Work in Process-Tufting Department 2,600
Materials 4,800

Departmental accounts are maintained for factory overhead, and both have zero balances on October 1. Manufacturing operations for October are summarized as follows:

Oct. 1 Materials purchased on account, $82,000
2 Materials requisitioned for use:
Fiber—Spinning Department, $42,600
Carpet backing—Tufting Department, $34,700
Indirect materials—Spinning Department, $3,300
Indirect materials—Tufting Department, $2,900
31 Labor used:
Direct labor—Spinning Department, $26,300
Direct labor—Tufting Department, $17,200
Indirect labor—Spinning Department, $12,500
Indirect labor—Tufting Department, $11,900
31 Depreciation charged on fixed assets:
Spinning Department, $5,300
Tufting Department, $3,100
31 Expired prepaid factory insurance:
Spinning Department, $1,000
Tufting Department, $800
31 Applied factory overhead:
Spinning Department, $22,400
Tufting Department, $18,250
31 Production costs transferred from Spinning Department to Tufting Department, $90,000
31 Production costs transferred from Tufting Department to Finished Goods, $153,200
31 Cost of goods sold during the period, $158,000
Required:
1. Journalize the entries to record the operations, using the dates provided with the summary of manufacturing operations. Refer to the Chart of Accounts for exact wording of account titles.
2. Compute the October 31 balances of the inventory accounts.
3. Compute the October 31 balances of the factory overhead accounts.

In: Accounting

FloorMate Carpet Company manufactures carpets. Fiber is placed in process in the Spinning Department, where it...

FloorMate Carpet Company manufactures carpets. Fiber is placed in process in the Spinning Department, where it is spun into yarn. The output of the Spinning Department is transferred to the Tufting Department, where carpet backing is added at the beginning of the process and the process is completed. On October 1, FloorMate Carpet Company had the following inventories:

Finished Goods $7,200
Work in Process-Spinning Department 1,000
Work in Process-Tufting Department 2,400
Materials 4,300

Departmental accounts are maintained for factory overhead, and both have zero balances on October 1. Manufacturing operations for October are summarized as follows:

Oct. 1 Materials purchased on account, $80,000
2 Materials requisitioned for use:
Fiber—Spinning Department, $42,000
Carpet backing—Tufting Department, $34,600
Indirect materials—Spinning Department, $3,000
Indirect materials—Tufting Department, $2,900
31 Labor used:
Direct labor—Spinning Department, $26,900
Direct labor—Tufting Department, $17,800
Indirect labor—Spinning Department, $11,700
Indirect labor—Tufting Department, $11,800
31 Depreciation charged on fixed assets:
Spinning Department, $5,300
Tufting Department, $3,500
31 Expired prepaid factory insurance:
Spinning Department, $1,300
Tufting Department, $1,000
31 Applied factory overhead:
Spinning Department, $21,500
Tufting Department, $18,850
31 Production costs transferred from Spinning Department to Tufting Department, $85,000
31 Production costs transferred from Tufting Department to Finished Goods, $152,600
31 Cost of goods sold during the period, $155,300
Required:
1. Journalize the entries to record the operations, using the dates provided with the summary of manufacturing operations. Refer to the Chart of Accounts for exact wording of account titles.
2. Compute the October 31 balances of the inventory accounts.
3. Compute the October 31 balances of the factory overhead accounts.

In: Accounting

Service Department Charges and Activity Bases Middler Corporation, a manufacturer of electronics and communications systems, uses...

Service Department Charges and Activity Bases

Middler Corporation, a manufacturer of electronics and communications systems, uses a service department charge system to charge profit centers with Computing and Communications Services (CCS) service department costs. The following table identifies an abbreviated list of service categories and activity bases used by the CCS department. The table also includes some assumed cost and activity base quantity information for each service for October.

CCS Service
Category
Activity Base
Budgeted Cost		 Budgeted Activity
Base Quantity
Help desk Number of calls $78,890 2,300
Network center Number of devices monitored 573,000 9,550
Electronic mail Number of user accounts 66,500 6,650
Smartphone support Number of smartphones issued 144,000 9,000

One of the profit centers for Middler Corporation is the Communication Systems (COMM) sector. Assume the following information for the COMM sector:

• The sector has 5,000 employees, of whom 50% are office employees.

• All the office employees have been issued a smartphone, and 80% of them have a computer on the network.

• 95 percent of the employees with a computer also have an e-mail account.

• The average number of help desk calls for October was 1 call per individual with a computer.

• There are 230 additional printers, servers, and peripherals on the network beyond the personal computers.

a. Determine the service charge rate for the four CCS service categories for October. Round your answers to two decimal places.

CCS Service Category Service Charge Rate
Help desk $  
Network center $  
Electronic mail $  
Smartphone support $  

b. Determine the charges to the COMM sector for the four CCS service categories for October. Round your answers to the nearest dollar amount.

October charges to the COMM sector:
Help desk charge $
Network center charge $
Electronic mail charge $
Smartphone support charge $

In: Accounting

A statistical program is recommended. The Condé Nast Traveler Gold List provides ratings for the top...

A statistical program is recommended.

The Condé Nast Traveler Gold List provides ratings for the top 20 small cruise ships. The data shown below are the scores each ship received based upon the results from Condé Nast Traveler's Annual Readers' Choice Survey. Each score represents the percentage of respondents who rated a ship as excellent or very good on several criteria, including Shore Excursions and Food/Dining. An overall score was also reported and used to rank the ships. The highest ranked ship, the Seabourn Odyssey, has an overall score of 94.4, the highest component of which is 97.8 for Food/Dining.

Ship Overall Shore
Excursions		 Food/Dining
Seabourn Odyssey 94.4 90.9 97.8
Seabourn Pride 93.0 84.2 96.7
National Geographic Endeavor 92.9 100.0 88.5
Seabourn Sojourn 91.3 94.8 97.1
Paul Gauguin 90.5 87.9 91.2
Seabourn Legend 90.3 82.1 98.8
Seabourn Spirit 90.2 86.3 92.0
Silver Explorer 89.9 92.6 88.9
Silver Spirit 89.4 85.9 90.8
Seven Seas Navigator 89.2 83.3 90.5
Silver Whisperer 89.2 82.0 88.6
National Geographic Explorer 89.1 93.1 89.7
Silver Cloud 88.7 78.3 91.3
Celebrity Xpedition 87.2 91.7 73.6
Silver Shadow 87.2 75.0 89.7
Silver Wind 86.6 78.1 91.6
SeaDream II 86.2 77.4 90.9
Wind Star 86.1 76.5 91.5
Wind Surf 86.1 72.3 89.3
Wind Spirit 85.2 77.4 91.9

(a)

Determine an estimated regression equation that can be used to predict the overall score given the score for Shore Excursions. (Round your numerical values to two decimal places. Let x1 represent the Shore Excursions score and y represent the overall score.)

ŷ = ____

(b)

Consider the addition of the independent variable Food/Dining. Develop the estimated regression equation that can be used to predict the overall score given the scores for Shore Excursions and Food/Dining. (Round your numerical values to two decimal places. Let x1 represent the Shore Excursions score, x2 represent the Food/Dining score, and y represent the overall score.)

ŷ = ____

(c)

Predict the overall score for a cruise ship with a Shore Excursions score of 81 and a Food/Dining Score of 92. (Round your answer to one decimal place.)

____

In: Statistics and Probability

A statistical program is recommended. The Condé Nast Traveler Gold List provides ratings for the top...

A statistical program is recommended.

The Condé Nast Traveler Gold List provides ratings for the top 20 small cruise ships. The data shown below are the scores each ship received based upon the results from Condé Nast Traveler's Annual Readers' Choice Survey. Each score represents the percentage of respondents who rated a ship as excellent or very good on several criteria, including Shore Excursions and Food/Dining. An overall score was also reported and used to rank the ships. The highest ranked ship, the Seabourn Odyssey, has an overall score of 94.4, the highest component of which is 97.8 for Food/Dining.

Ship Overall Shore
Excursions		 Food/Dining
Seabourn Odyssey 94.4 90.9 97.8
Seabourn Pride 93.0 84.2 96.7
National Geographic Endeavor 92.9 100.0 88.5
Seabourn Sojourn 91.3 94.8 97.1
Paul Gauguin 90.5 87.9 91.2
Seabourn Legend 90.3 82.1 98.8
Seabourn Spirit 90.2 86.3 92.0
Silver Explorer 89.9 92.6 88.9
Silver Spirit 89.4 85.9 90.8
Seven Seas Navigator 89.2 83.3 90.5
Silver Whisperer 89.2 82.0 88.6
National Geographic Explorer 89.1 93.1 89.7
Silver Cloud 88.7 78.3 91.3
Celebrity Xpedition 87.2 91.7 73.6
Silver Shadow 87.2 75.0 89.7
Silver Wind 86.6 78.1 91.6
SeaDream II 86.2 77.4 90.9
Wind Star 86.1 76.5 91.5
Wind Surf 86.1 72.3 89.3
Wind Spirit 85.2 77.4 91.9

(a) Determine an estimated regression equation that can be used to predict the overall score given the score for Shore Excursions. (Round your numerical values to two decimal places. Let x1 represent the Shore Excursions score and y represent the overall score.)

ŷ =

(b) Consider the addition of the independent variable Food/Dining. Develop the estimated regression equation that can be used to predict the overall score given the scores for Shore Excursions and Food/Dining. (Round your numerical values to two decimal places. Let x1 represent the Shore Excursions score, x2 represent the Food/Dining score, and y represent the overall score.)

ŷ =

(c)Predict the overall score for a cruise ship with a Shore Excursions score of 81 and a Food/Dining Score of 93. (Round your answer to one decimal place.)

In: Statistics and Probability

A statistical program is recommended. The Condé Nast Traveler Gold List provides ratings for the top...

A statistical program is recommended.

The Condé Nast Traveler Gold List provides ratings for the top 20 small cruise ships. The data shown below are the scores each ship received based upon the results from Condé Nast Traveler's Annual Readers' Choice Survey. Each score represents the percentage of respondents who rated a ship as excellent or very good on several criteria, including Shore Excursions and Food/Dining. An overall score was also reported and used to rank the ships. The highest ranked ship, the Seabourn Odyssey, has an overall score of 94.4, the highest component of which is 97.8 for Food/Dining.

Ship Overall Shore
Excursions		 Food/Dining
Seabourn Odyssey 94.4 90.9 97.8
Seabourn Pride 93.0 84.2 96.7
National Geographic Endeavor 92.9 100.0 88.5
Seabourn Sojourn 91.3 94.8 97.1
Paul Gauguin 90.5 87.9 91.2
Seabourn Legend 90.3 82.1 98.8
Seabourn Spirit 90.2 86.3 92.0
Silver Explorer 89.9 92.6 88.9
Silver Spirit 89.4 85.9 90.8
Seven Seas Navigator 89.2 83.3 90.5
Silver Whisperer 89.2 82.0 88.6
National Geographic Explorer 89.1 93.1 89.7
Silver Cloud 88.7 78.3 91.3
Celebrity Xpedition 87.2 91.7 73.6
Silver Shadow 87.2 75.0 89.7
Silver Wind 86.6 78.1 91.6
SeaDream II 86.2 77.4 90.9
Wind Star 86.1 76.5 91.5
Wind Surf 86.1 72.3 89.3
Wind Spirit 85.2 77.4 91.9

(a)

Determine an estimated regression equation that can be used to predict the overall score given the score for Shore Excursions. (Round your numerical values to two decimal places. Let x1 represent the Shore Excursions score and y represent the overall score.)

ŷ =__________

(b)

Consider the addition of the independent variable Food/Dining. Develop the estimated regression equation that can be used to predict the overall score given the scores for Shore Excursions and Food/Dining. (Round your numerical values to two decimal places. Let x1 represent the Shore Excursions score, x2 represent the Food/Dining score, and y represent the overall score.)

ŷ =____________

(c)

Predict the overall score for a cruise ship with a Shore Excursions score of 78 and a Food/Dining Score of 91. (Round your answer to one decimal place.)

In: Statistics and Probability

Should the US Health Policy Reform Include Applying a Single Payer System by Opening Medicare to...

Should the US Health Policy Reform Include Applying a Single Payer System by Opening Medicare to All. Discuss both the Merits and Barriers -- both sides of the policy argument. Compare the US Health Care System to another country with a form of single payer system or universal health care.  

https://www.brookings.edu/blog/up-front/2014/01/22/can-canadian-style-healthcare-work-in-america-vermont-thinks-so/

In: Nursing