RI 6.7.8-Q-InsertYourLastName E Share KEE Insert v V A eral Delete v 个 八Z Analyz- Data Conditional Format Cell Sort & Find & Formatting as Table Styles Format v Filter Select 0 00 |6 % K M. 7. Job-Order Costing Problem Using the weighted procedure method of setting rates, calculate the relative value and cost per procedure $1,250,000 and an average hourly lab tech rate of 0.25 ) for the following lab procedures, given a total lab cost of $15 (to calculate the RVU, divide the total sample expense by Sample Labor In Hours Labor Sample Labor Sample Supply In Minutes Projected Procedure Volume Expense ($) Expense ($) Amylase 15 0.75 000 12 Bleeding Time 0.50 000'sS 0.50 000' 7,800 Uric Acid Platelet Count 0.25 6. Hematocit 0.25 8.
Process Costing
Process costing is a sort of operation costing which is employed to determine the value of a product at each process or stage of producing process, applicable where goods produced from a series of continuous operations or procedure.
Job Costing
Job costing is adhesive costs of each and every job involved in the production processes. It is an accounting measure. It is a method which determines the cost of specific jobs, which are performed according to the consumer’s specifications. Job costing is possible only in businesses where the production is done as per the customer’s requirement. For example, some customers order to manufacture furniture as per their needs.
ABC Costing
Cost Accounting is a form of managerial accounting that helps the company in assessing the total variable cost so as to compute the cost of production. Cost accounting is generally used by the management so as to ensure better decision-making. In comparison to financial accounting, cost accounting has to follow a set standard ad can be used flexibly by the management as per their needs. The types of Cost Accounting include – Lean Accounting, Standard Costing, Marginal Costing and Activity Based Costing.
SOLUTION :
| S.NO |
Procedures
|
Projected volumes (A) |
Labor cost per unit (B) |
Supply expense (C) |
Total cost per unit (D) |
Total cost (E) |
Lab cost (F) |
Total cost of procedure (G) |
Relative value (H) |
| 1 | Amylase | 4,000 | $3.75 | $0.75 | $4.50 | $18,000 | $182,482 | $200,482 | $200.48 |
| 2 | Bleeding time | 5,000 | $3.00 | $0.50 | $3.50 | $17,500 | $228,102 | $245,602 | $196.48 |
| 3 | Uric acid | 3,000 | $2.50 | $0.50 | $3.00 | $9,000 | $136,861 | $145,861 | $194.48 |
| 4 | Platelet count | 7,800 | $2.25 | $0.25 | $2.50 | $19,500 | $355,839 | $375,339 | $192.48 |
| 5 | Hematocrit | 7,600 | $2.00 | $0.25 | $2.25 | $17,100 | $346,715 | $363,815 | $191.48 |
| 6 | Total | 27,400 | $81,100 | $1,250,000 | $1,331,100 | $975.41 |
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