Monthly Archives: June 2018

Solved: Week 6 Task #6 Understanding Inventory



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Week 6 Task #6 Understanding Inventory

Task #6 Understanding Inventory

 

Assignment Exercise 8-1 FIFO and LIFO Inventory

     Study the FIFO and LIFO explanations in the chapter.

 

Required:

 

Compute ending FIFO inventory and cost of goods sold.

·       Assume $90,000 sales;

·       beginning inventory 500 units @$50;

·       purchases of 400 units @$50;

·       100 units @$65;

·       400 units @$80

1.     Also compute the cost of goods sold percentage of sales

2.     Compute ending LIFO inventory and cost of goods sold, using same assumptions.

3.     Also compute the cost of goods sold percentage of sales

4.     Comment on the difference in outcome



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Solved:CHAPTER 8—UNDERSTANDING INVENTORY AND DEPRECIATION CONCEPTS



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CHAPTER 8—UNDERSTANDING INVENTORY AND DEPRECIATION CONCEPTS

After completing this chapter, you should be able to:

1.      Understand interrelationship between the inventory and cost of goods sold

2.      Understand the difference between LIFO and FIFO inventory methods

3.      Be able to calculate inventory turnover

4.      Understand the interrelationship between depreciation expense and the reserve for depreciation

5.      Understand how to compute the net book value of a fixed asset

6.      Be able to identify the five methods of computing book depreciation



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Solved:Prepare an annual financial report. This report will be communicated to all employees at the Town-hall meeting.



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Project 1

Project 1

Project Instructions:

1.     You are a Financial Manager of the Local Hospital. Prepare an annual financial report. This report will be communicated to all employees at the Town-hall meeting.

2.     This project should be prepared in a power point (10-15) slides. Include all the financial or accounting terms you have you learned so far.



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Solved:Expenses are the costs that relate to the earnings of revenue.



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Lesson 5

Please read  Chapters 5 and 6

Expenses are the costs that relate to the earnings of revenue.  Another way to think of expenses is as the cost of doing business.  Just as revenues represent the inflow into the organization, so do expenses represent the outflow- a stream of expenditures flowing out of the organization.

 

Direct cost can be specifically associated with a particular unit or department or patient. The critical distinction for the manager is that the cost is directly attributable.  Remember direct cost can be traced. Indirect cost, on the other hand, cannot be specifically associated with a particular cost object.

 

·        Complete Practice Exercise 5–1: Grouping Expenses by Cost Center

·        Complete Practice Exercise 6–1: Identifying Direct and Indirect Costs



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Solved:Please click on the link above and view this video on the cost of health care in the U.S.



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Please click on the link above and view this video on the cost of health care in the U.S.

·        What was most interesting to you about this video?

·        What are the key reasons for the rising cost of health care?

·        What would you suggest the U.S do to reduce these cost?

 

Your initial post is due by Thursday and must be no less than 100 words.  Please reply to at least two classmates by Sunday.  Your replies should be at least 75 words. 



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Solved:Chapter 6 Distinguish between direct and indirect costs.



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Chapter 6

Distinguish between direct and indirect costs.

Understand why the difference is important to management.

Understand the composition and purpose of responsibility centers.

Distinguish between product and period costs.



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Solved:Understand the distinction between expense and cost.



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Chapter 5

After completing this chapter the student should be able to:

Understand the distinction between expense and cost.

Understand how disbursements for services represent an expense stream (an outflow).

Follow how expenses are grouped in different ways for planning and control.

Recognize why cost reports have influenced expense formats.

 

 



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Solved:Physician Office Revenue for Visit Code 99214 has a full established rate of $72.00. Of ten different payers, there are nine different contracted rates, as follows:



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Task Assignment Exercise 4–1: Contractual Allowances

Physician Office Revenue for Visit Code 99214 has a full established rate of $72.00. Of ten different payers, there are nine different contracted rates, as follows:

Payer                          Contracted Rate      

FHP                                    $35.70

HPHP                                   58.85

MC                                       54.90

UND                                    60.40

CCN                                     70.20

MO                                      70.75

CGN                                    10.00

PRU                                     54.90

PHCS                                   50.00

ANA                                    45.00

Rates for illustration only.

Required

1.      Set up a worksheet with four columns: PayerFull RateContracted Rate, and Contractual Allowance.

2.      For each payer, enter the full rate and the contracted rate.

3.      For each payer, compute the contractual allowance.

The first payer has been computed below:

               Full                  Contracted          Contractual
Payer     Rate
       (less)        Rate         =      Allowance
FHP      $72.00                   $35.70                 $36.30

 



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Solved:Revenue represents amounts earned by an organization: that is, actual or expected cash inflows due to the organization’s major business.



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Revenue represents amounts earned by an organization: that is, actual or expected cash inflows due to the organization’s major business.  In the case of health care, revenue is mostly earned by rendering services to patients. Revenue flows into the organization is sometimes referred to as the revenue stream.

 

Step 1

·        Review the following key terms: (Students may see the key terms on a quiz)

o   Discounted Fee-for-Service

o   Fee-for-Service

o   Managed Care

o   Medicaid Program

o   Medicare Program

o   Payer Mix

o   Revenue



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Solved: What do you believe the proportion of revenues from different sources is for your current health care organization?



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Hello Class!
What do you believe the proportion of revenues from different sources is for your current health care organization?

 

Do you believe that this proportion (payer mix) will change in the future? Why?

 

Please make your initial post by Wednesday!   You will need to reply to at least two classmates by Sunday.    You initial post must contain at least 200 words.  In your replies to your classmates you will need at least 100 words.



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