Calculate the monthly fixed cost and the variable cost

Assignment Help Accounting Basics
Reference no: EM133157332

Question - You are in charge of the Emergency Room department at the local hospital. You know the ER has variable costs, fixed costs and mixed costs. Variable costs are $300 per patient, fixed costs for the month are $600,000 and mixed costs bounce around depending on the number of patients seen. Mixed costs for the past six months look like this along with the number of patients seen:

 

Number of patients

Mixed Costs

April

3,150

$630,000

May

3,675

$712,950

June

4,028

$725,040

July

3,996

$726,070

August

3,875

$716,875

September

3,543

$694,428

Using the Hi-Lo method, calculate the monthly fixed cost and the variable cost per patient seen for the Mixed Costs (for the variable portion round your per patient answer to the nearest 1/10 of a penny).

If you anticipate having 3,432 patients in the ER next month, how much do you forecast Mixed Costs to be?

If the average number of patients each month is 3,711, what is the average total cost per patient seen?

Reference no: EM133157332

Questions Cloud

What are the benefits of using a multiple cutoff approach : What are the benefits of using a Multiple Cutoff Approach for the job role of Training and Development Manager?
What the various and maybe typical options : Whom oversees this department = explain? And give a few alternatives - you are NOT to provide a job description for them - but instead focus on this: explain wh
Explain the stocktaking schedules : Talk to other team members who have been involved in stocktaking and whoever is responsible for setting the schedule for stocktaking.
Describe two global trends that in your opinion will emerge : Without a doubt, the current pandemic caused by COVID-19 has had a considerable impact on the hospitality industry. For this reason, it is expected that in the
Calculate the monthly fixed cost and the variable cost : Using the Hi-Lo method, calculate the monthly fixed cost and the variable cost per patient seen for the Mixed Costs
Why faculty asking for funding : You are the president of a student group at a university or college. Despite all of your efforts to gain funding, the faculty is unwilling to listen to your req
Racial discrimination issue with black employees : In a lawsuit with Google explain the racial discrimination issue with black employees and some ways Google is dealing with the problem.
Discuss difference hr activities in healthcare organization : Discuss the difference HR activities in a healthcare organization and other business organizations.
How the publication can help you interpret the legal issue : For this week's discussion, select a Government Agency that manages workplace regulations. Search their website and locate a publication of your choice. In your

Reviews

Write a Review

Accounting Basics Questions & Answers

  How much control does fed have over this longer real rate

Hubbard argues that the Fed can control the Fed funds rate, but the interest rate that is important for the economy is a longer-term real rate of interest.   How much control does the Fed have over this longer real rate?

  Coures:- fundamental accounting principles

Coures:- Fundamental Accounting Principles: - Explain the goals and uses of special journals.

  Accounting problems

Accounting problems,  Draw a detailed timeline incorporating the dividends, calculate    the exact Payback Period  b)   the discounted Payback Period. the IRR,  the NPV, the Profitability Index.

  Write a report on internal controls

Write a report on Internal Controls

  Prepare the bank reconciliation for company

Prepare the bank reconciliation for company.

  Cost-benefit analysis

Create a cost-benefit analysis to evaluate the project

  Theory of interest

Theory of Interest: NPV, IRR, Nominal and Real, Amortization, Sinking Fund, TWRR, DWRR

  Liquidity and profitability

Distinguish between liquidity and profitability.

  What is the expected risk premium on the portfolio

Your Corp, Inc. has a corporate tax rate of 35%. Please calculate their after tax cost of debt expressed as a percentage. Your Corp, Inc. has several outstanding bond issues all of which require semiannual interest payments.

  Simple interest and compound interest

Simple Interest, Compound interest, discount rate, force of interest, AV, PV

  Capm and venture capital

CAPM and Venture Capital

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd