Ethical Challenges in the Era If Health Care Reform

Ethics, Law, and Policy Vicki D. Lachman Ethical Challenges in the Era Of Health Care Reform n truth, the United States is at the beginning of a long overdue and a much needed health care reform. We have seen the dismal statistics about our high cost health care system and some of the less than stellar outcomes (e.g., infant mortality) (Callahan, 2011; World Health Organization [WHO], 2011)). The purpose of this article is not to complain about the current health care system, but instead to focus on existing reform efforts — The Patient Protection and the Affordable Care Act (ACA), the ethical justifications for its creation, and ethical challenges it brings. I Key Features of the Law ACA offers new ways for†¦show more content†¦The following rights and consumer protections are available. Preventive care. Individuals may not have to pay a copayment, co-insurance, or deductible to receive recommended preventive health services, such as screenings (e.g., mammograms and colonoscopies), vaccinations (e.g. measles, polio, or meningitis), and counseling (e.g., smoking cessation, weight loss, healthy eating). Doctor choice and ER access. Individuals can choose any available participating primary care provider and they can access out-of-network emergency rooms without prior approval. ACA prohibits health plans from requiring a referral from a primary care provider before women can seek coverage for obstetrical or gynecological (OBGYN) care. People 65 and older. ACA offers eligible elders a range of preventive services with no cost-sharing. ACA also provides discounts on drugs when older adults are in the coverage gap known as the â€Å"donut hole.† July-August 2012 †¢ Vol. 21/No. 4 Ethical Challenges in the Era of Health Care Reform TABLE 1. Views of Liberal Egalitarians vs. Libertarians and Free-Market Advocates Liberal Egalitarians Libertarians and Free-Market Advocates Health care is a fundamental good and access to this good Role of government is confined to protecting the freedom of all allows us to become full members of society. persons to choose their own goals and means to pursue them. This right to health care mustShow MoreRelatedHealth Care Reform : Ethical Challenges3141 Words   |  13 Pages Health Care Reform: Ethical Challenges in the Era of Change Claire A. Piepkorn University of Wisconsin Oshkosh â€Æ' Abstract Our country is at the beginning of a greatly anticipated and much needed health care reform. Such a transition brings to the forefront numerous important ethical issues. Many of us have been privy to the gloomy statistics about the high cost of our health care system and some of its less than stellar outcomes. The purpose of this paper is not to grumble about theRead MoreGoogle, Calico, And The Ethical Implications Of New Healthcare1672 Words   |  7 PagesRebekah Newby Professor Jackson UNIV 112 1PM 30 November 2015 Google, Calico, and the Ethical Implications of New Healthcare As many as 45,000 people die per year from preventative diseases as a result of not having health insurance and as many as 22% of people on Medicaid are underinsured and not able to take measures towards preventative care (Bor et. al). However, this could get worse as more diseases become preventative with new research efforts. In 2013, Google, the famous search engine companyRead MoreThe Ethics Of Health Ethics1542 Words   |  7 PagesPublic-health frequently come across severe ethical problems, such as controlling rare assets, prompting individuals to adjustment to their conduct, and controlling independence to reduce disease spread. Unlike health ethics there is no established framework for exploring these problems. 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Miss Nightingales pattern was adopted by these early schools but they failed to meet their intended purposes. The nursing care of the ill was inhumane and inadequate. When physicians found that trained nurses made a difference in the survival and recovery of surgicalRead MoreEvaluation Of Rural Epidemiological Event Response Essay2163 Words   |  9 PagesEvaluation of Rural Epidemiological Event Response Priority health services are generally the one that need to be voiced first. In this stance, as the study presented by Shabila and fellows, though the initial step of prioritization has been taken by implementing the programs in the primary healthcare centers, the focus group feedbacks have been presented from the provider perspective and subsequent challenges (Shabila et al., 2012). On the other hand, the sustainability of the healthcare systems

The Character Of Romeo Montague in William Shakespeares...

The Character Of Romeo Montague in William Shakespeares Romeo and Juliet Romeo is one of the main characters in Shakespeare’s play â€Å"Romeo and Juliet† and is portrayed as a tragic figure, who is guided by his destiny. Shakespeare initially introduces Romeo to be a romantic sentimentalist, who is over-obsessed with his own emotions. Romeo, however, loses these personality traits towards the end of the play, and becomes more mature after falling deeply in love with Juliet. His love for her is strong and over-whelming, and Shakespeare vividly represents this by dramatic visual moments throughout the play, culminating in the tragic climax of Romeo’s suicide, to join with his Juliet in death.†¦show more content†¦This is one of the many themes that Shakespeare provides to suggest foreboding early on in the play. The omen is ambiguous as it firstly implies Romeo is worrying about something that will not happen and is generally nervous about arriving uninvited. However, it could imply that in going to the Ball, he will meet J uliet, which will cause drastic events to happen, and eventually lead to both their deaths. This is one of the main themes during the play and is successfully entwined in Romeo’s script to introduce foreboding to the audience without the character realising it. He disregards the omen, and continues with his friends to the Ball. On arrival, he seeks Rosaline, but his attentions rapidly divert to Juliet Capulet, â€Å"She seems to hang upon the cheek of night† displays Romeo’s persona to be fickle and to have a fluctuating nature. He had before thought Rosaline to be beautiful, but now he sees Juliet as the most beautiful woman in the world. This is one of the more romantic traits of Romeo, and Shakespeare uses many metaphors and similes in Romeo’s speech and successfully interlaces them to represent the poetic and child-like wonder that Romeo experiences when he sets eyes on Juliet. Romeo’s role is consistent throughout as ‘The Romantic Lover’,Show MoreRelated William Shakespeares Romeo and Juliet Essay1690 Words   |  7 PagesWilliam Shakespeares Romeo and Juliet Although the story of Romeo and Juliet is over 500 years old, it is as relevant and appealing today as it was when first performed. Although dated, the story of Romeo and Juliet still holds great appeal and relevance to today’s society, despite the differences in morals and values between William Shakespeare’s audience 500 years ago, and Baz Luhrmann’s audience today. The arising issues of order and authority, fate and love entertain/ed and appeals/edRead MoreAppropriation Of Romeo And Juliet1135 Words   |  5 Pagesunderstand William Shakespeare’s play Romeo and Juliet. This is why director Baz Luhrmann created a modern film appropriation of the classic text called Romeo + Juliet. The film was constructed to appeal to a younger movie-going audience to assist them in understanding the original text by William Shakespeare through the use of strong visual and aural techniques. An appropriation involves taking a well known text and inserting it into another context. In order to modernise the classic text Romeo and JulietRead MoreWilliam Shakespeare s Romeo And Juliet1264 Words   |   6 Pagesattention, with the majority of his works circling tragedies, one being Romeo and Juliet. William Shakespeare s Romeo and Juliet speaks to the timeless appeal of star-crossed lovers. Their love in the beginning borders upon a reality of maturity and immaturity, eventually becoming something of authenticity. Themes running throughout the play address the issues and consequences of immature blind passion, hatred, and prejudice. William Shakespeare was rumored to have been born on April 23 1564; howeverRead MoreEssay about Dramatic Irony in Shakespeares Romeo and Juliet877 Words   |  4 PagesWilliam Shakespeare’s Romeo and Juliet is a tragic story about two lovers who are from two disputing families, and their eventual suicides. Shakespeare uses dramatic irony throughout the play to create tension for the audience and foreshadow the ending. Dramatic irony is when the words or actions of characters in a story have a different meaning to the reader than to the characters. This is because the reader knows something that the characters do not. Romeo and Juliet’s death could have been preventedRead MoreParental Relationships In Romeo And Juliet1329 Words   |  6 PagesSince reading has been around, it has been used to educate. Romeo and Juliet has been around for what seems as long as literature itself, and is still used to teach today.Written in the 1590’s, the tragic story of Romeo and Juliet is about the untimely death of two star crossed lovers, despite their feuding families. Throughout reading, it becomes clear that the attitudes of the Montagues and Capulets, Friar Lawrence and the Nurse fulfilling parental roles, and Juliet’s forced marriage caused theRead MoreRomeo and Juliet FOIL Characters Essay1569 Words   |  7 PagesA foil character contrasts the personalities of another character, which particularly enlightens certain characteristics of the individual. This element portrays these characteristics in an obvious manner, as it benefits the reader or audience. By showing the characteristics of one, it directly heightens the character traits of the other, creating a foil illustration of an individual. Nowhere is this element of literature more prudent than in William Shakespeare’s Romeo and Juliet, as he effectivelyRead MoreRomeo and Juliet: A Text to Film Comparison Essay1036 Words   |  5 PagesShakespeare’s Romeo and Juliet has been modified numerous times and has been a source of inspiration for many playwrights and directors. Franco Zeffirelli and Baz Luhrmann are examples of directors that use Shakespeare’s legendary tragedy as a basis for their films. In the Franco Zeffirelli version of Romeo and Juliet, produced in 1968, the setting is accurate to the times of when William Shakespeare wrote the play. In the last act of the film a few differences arose. In Zeffirelli’s productionRead More Theme of Fate and Choice in Shakespeares Romeo and Juliet Essay782 Words   |  4 PagesChoice, in William Shakespeares Romeo and Juliet In William Shakespeares tragic play Romeo and Juliet, there are four quotes about fate and choice. The characters in the play choose their own fate, it happens because of their choices or actions. First, in the beginning of the play Romeo and Juliet are referred to as a pair of star-crossed lovers (Romeo and Juliet, Prologue). Second, Romeo explains to Mercutio how he has a dream that if he goes to the Montague party he will die, but Romeo choosesRead MoreRomeo And Juliet Movie Comparison Essay1055 Words   |  5 Pagesoriginal play Romeo and Juliet written by William Shakespeare in 1587, throughout the years there have been movies made trying to convey the message that Shakespeare had wanted. The movies that will be examined in order to compare the differences on whether they are similar to the original are Baz Luhrmann’s 1996 version William Shakespeare’s Romeo + Juliet and Carlo Carlei’s 2013 version, Romeo Juliet. The movies are another version of the orig inal play in terms of setting, tone and characters that wereRead MoreWilliam Shakespeare s Romeo And Juliet967 Words   |  4 Pagesof ‘Romeo and Juliet’ written by William Shakespeare. Shakespearean time was between the middle Ages and the Industrial Revolution and it was branded by religious changes. William Shakespeare is widely known as the greatest dramatist of all time. Born April 1564, Shakespeare’s play ‘Romeo and Juliet’ is no doubt one of his most famous pieces. ‘Romeo and Juliet’ was first published in 1597 and its tragic story of banned love still captures the creativity of its audience today. ‘Romeo and Juliet’, although

Analysis of The Fisher Theory Free Essay Example, 2000 words

According to Irving Fisher, the real rate of interest is the most important price in the economy. This is because real rate of interest provides the worth of consumption at present in terms of consumption in the future. Fisher was pretty much interested in measuring inflation and hence was a leading supporter of inflation-indexed bonds. For measuring the inflation, he had created an inflation index and carefully published its value (Geanakoplos, 2005). For understanding the assumptions of Fisher Theory or the later arguments towards the position of inflation expectation, three behavioral patterns will have to be used: complete illusion, adaptive lag, and rational expectations. These patterns show consistency with the deviation of the market and real interests during the changes of the price level. They will reflect the various ways of adjustment that they make to bring the deviation that should occur. A complete understanding of these patterns will lead to the support of the hypothe sis that there is a positive link between the rate of interest and nominal interest rate (University of Detroit Mercy, 2006). This behavior pattern is reflected during the periods of price stability which people were habituated during 1952-1964.We will write a custom essay sample on Analysis of The Fisher Theory or any topic specifically for you Only $17.96 $11.86/pageorder now During the period, the entrepreneurs used to enjoy no profit at all. The people were susceptible towards inflation effect. As inflation started during the 60s, the people showed little concern. According to their mindset, the observation in the market was real for them. With the first oil shock in 1973, they began to feel the pressure of decreasing income as real rates decreased (Thaler, 1997). With the lag in 1973, people began to adjust their expectations and began to approach the inflation premiums in the form of higher rate of interest. They were approaching to compensate for the loss that they have incurred due to capital investment. It should be noted here that in the behavioral pat behavioral plate illusion, all the adjustments were done by the real interest rates.

Essay Brave New World by Aldous Huxley - 847 Words

Afraid New World Aldous Huxley’s â€Å"Brave New World† highlights the theme of society and individualism. Huxley uses the future world and its inhabitants to represents conflict of how the replacement of stability in place of individualism produces adverse side effects. Each society has individuals ranging from various jobs and occupations and diverse personalities and thoughts. Every member contributes to society in his or her own way. However, when people’s individuality is repressed, the whole concept of humanity is destroyed. In Huxley’s â€Å"Brave New World†, the concept of individualism is lost through hyperbolized physical and physiological training, the artificial birth and caste system, and the censorship of religion and literature by a†¦show more content†¦The drug creates a false dichotomy of being happy, therefore nobody deviates from taking it and nobody is encouraged to. Despite the physiological alterations, there are also many physical modifications made. The citizens appear young and remain energetic their whole lives. There is a set of physical specifications that nobody’s appearance fluctuates beyond, restricting each individual’s personal style and personality. Women are also issued a â€Å"pregnancy substitute† to regulate bodily hormones if needed. Citizens are essentially powerless and have no control over their own bodies and minds, making it impossible to oppose the government or the idea of conformity. Huxley paints a future world in which biochemical technology has advanced to the possibility of artificial human birth—ninety-six per batch. Each individual is set into a group of the caste system that prevents integration of different levels of the caste. They are separated into five castes: Alpha, Beta, Gamma, Delta, and Epsilon. Alpha, being the upper echelon governmental workers of society and each decreasing in status. Citizens placed in lower castes are assem bled in large batches. The Director of Hatcheries and Conditioning explains, â€Å"Bokanovsky’s Process (mass production of twins) is one of the major instruments of social stability†(18). Members of each caste are designated a color, and are required to wear the respective color, even the high class Alphas.Show MoreRelatedA Brave New World by Aldous Huxley668 Words   |  3 PagesIn Brave New World, there are similarities that have a deeper meaning that we can understand. There are personal effects in Aldous Huxley life that contribute to what he has written in the book. Aldous Huxley throughout his life have seen, done, and events have happened to him, just like all of us, but he has expressed it in his book. So when Aldous wrote the he had so many ideas. I have read the book; it’s notRead MoreBrave New World by Aldous Huxley811 Words   |  3 Pages Brave New World is based around characters who gave up the right of freedom for happiness; characters who ignored the truth so that they could live in a utopian civilization. The deceiving happiness was a constant reminder throughout the book. Almost every character in Brave New World did whatever they could to avoid facing the truth about their own situations. In this society, happiness is not compatible with the truth because the World State believes that happiness was at the expense of theRead MoreBrave New World By Aldous Huxley1525 Words   |  7 PagesA Brave New Feminist The novel Brave New World written by Aldous Huxley in 1932 is known for its social satire, utopian values, and unusual standpoints on stereotypical gender roles. In this time where futuristic technology has completely taken over, and men and women are given the same opportunities for everything, â€Å"the genders appear equal within the social order; both men and women work at the same jobs, have equal choice in sexual partners, and participate in the same leisure pursuits† (MarchRead MoreA Brave New World by Aldous Huxley664 Words   |  3 Pagesfor the fact being in the future and in the past time has changed and many differences were made. In his Dystopian Society Huxley portrays masses of niches where the government produces clones for specific reasons. Huxley decides throughout Brave New World that cloning humans is unethical. He then becomes in contact with the society’s most powerful Alphas and Betas clones. Huxley suggest in BNW that lower class groups in clo ning humans to act like servants to terrorize them into working hard conditionsRead MoreA Brave New World by Aldous Huxley1189 Words   |  5 Pages In the world of sex, drugs, and baby cloning you are going to be in many situations where you feel like the world we live in should be different. In the story Brave New World, they had sex with multiple partners along with a very bad use of drugs. It is weird that Aldous Huxley wrote this book in 1931 about the world he was living in during that time and how it is similar to the world we live in today. Nowadays, drugs are still being used and people are still engaging in sexual encounters withRead MoreBrave New World By Aldous Huxley968 Words   |  4 PagesAldous Huxley’s utopia in Brave New World foreshadowed and illuminated the complications within modern day society. Upon its release, the narrative became widely banned all over the United States due to the unorthodox thoughts and actions of multiple characters in it. Early readers, as well as modern day audiences, feared and rejected the ideals that Huxley incorporated into his perfect society; however, our society today is heading towards the dark paths the older generations desired to avoid. Read MoreA Brave New World by Aldous Huxley895 Words   |  4 Pagesthe novel Brave New World, Aldous Huxley tells of a society where everyone is the same but, compared to t oday’s society, everything is different. Huxley tells of a world where everything that happens or takes place is because of one’s own desire and nothing more. The hero in the novel, a â€Å"savage† named John, is Huxley’s main focal point. It is through his eyes and mind that the reader sees what’s going on. Now when I read this novel, I began to think, â€Å"Could this perfect, conformed world actuallyRead MoreA Brave New World by Aldous Huxley1684 Words   |  7 Pagesimperfect world and is usually only a hopeful dream. These types of worlds can greatly be described in detail through the world of science fiction. Aldous Huxley was an English writer who lived during a time when war and chaos were engulfing the world. His works reflect his view and thoughts on a dystopia, which is a false utopia, and describes what could occur in possible governments of the world. The ability to understand and dive into the thoughts of the author is what make s world literatureRead MoreA Brave New World by Aldous Huxley614 Words   |  2 Pagesthem truly happy. What if someone were to tell you that what you thought was true happiness was all an illusion. In a Brave New World by Aldous Huxley people in the world state are conditioned and drugged up by soma to not experience true happiness. In a world that is perfect, human beings do not have to depend on drugs to keep our world in balance. In a Brave New World by Aldous Huxley there is always a perfect drug called soma that keeps everyone happy, which they have based their society on. ThisRead MoreA Brave New World by Aldous Huxley948 Words   |  4 PagesWelcome to a world were â€Å"Brave† is not just a word; It has a true meaning. This is a story were everything as you know it, doesn’t seem to be right and will completely change your way of thinking. When this story was written, life was very harsh for many people†¦.Mostly for the author who wrote â€Å"Brave New World† During this time (1930s) they didn’t have much sexual content Living The Future Of The Past In The Present†¦.. In the air; But Aldous made a future full of sex for them and we are the

Fallibilism and the Justified Deduction Principle

Information is one of the concepts that may be measured, evaluated, stored, and shared, but does this have the same connotation as knowledge. Even though these two notions are used interchangeably in most cases, it is difficult to see the difference without having sufficient ground for this. How can one state that justified true belief is knowledge? This problem was deeply examined by a German philosopher Edmund Gettier who explained the difference and provided significant evidence for questioning everything, as Descartes did. Explanations by Gettier are intricate and more related to the true or false correlation between something that a person believes to be the true and something that prevents him or her to think so. Edmund Gettier took the topic of justification and knowledge to the next level with his philosophical Gettier’s Problem. The Gettier Problem’s counterexamples is dependent on two principles, Fallibilism and the Justified Deduction Principle. The principle of Fallibilism is based off the belief that a person has the potential to be justified in believing a false statement while the Justified Deduction Principle entails that if a person has evidence to back up a certain claim, that person is justified to trust that claim. As these two principles highlight the Gettier Problem, it becomes clear that Edmund Gettier opposes the ‘Justified-True-Belief as knowledge’ concept. The only thing remains clear is when one person has some justified evidence for believing inShow MoreRelatedThe Gettier Problem: A Marathon Essay1081 Words   |  5 Pagesdebate. Though our understanding of knowledge is ambiguous, we do know that knowledge is justified, true belief. There have been attempts to answer the queries through the Justified-True-Belief Account of Knowledge (JTB), known to have been credited by Plato. According to the theory, knowledge is explained in some manner or way, a proposition known can’t be false, and the proposition must be accepted. The justified-true-belief account of knowledge, though, is considered to be a definition of knowledgeRead MoreHerbert Spencer Essay13142 Words   |  53 Pagesbut was a natural law operating in nature and human society. Not only was competition in harmony with nature, but it was also in the interest of the general welfare and progress. Social Darwinism, or Spencerism, became a total view of life which justified opposition to social reform on the basis that reform interfered with the operation of the natural law of survival of the fittest. Spencer visited the United States in 1882 and was much impressed by what he observed on a triumphal tour. He prophetically

Nigerian Civil War Samples for Students †MyAssignmenthelp.com

Question: Discuss about theNigerian Civil War. Answer: Scripts Nigeria Federal Republic of Nigeria is located in Wes Africa and has the official currency of Naira, with capital of Abuja. Nigeria is a developing country and has Christianity and Islam as two major religions. It has worlds oldest human existence with Nok Civilization. location in the world It is located in Africa with 910, 768 kilometers of land being the 32nd largest nation of the world. Its location is responsible for influencing the climate and making it a tropical hot climate. Nigeria is reported to have the most rapidly growing economy in the world. Leader Muhammadu Buhari, 72 got elected as President of Nigeria in 2015 who is known for once practicing strict military regime in Nigeria. He is well-renowned amongst the people for his honesty, integrity and campaigning for development of Nigeria. Population Nigeria hold a population of 186 million as recorded in 2016 with over five hundred ethnic backgrounds. Over the years Nigeria has witnessed a steep rise in population growth making it 7th populated country. Nigeria has the literacy rate of 59.6% as recorded in 2017. Religion The major religions are Islam and Christianity, Islam has its influence on almost every state in Nigeria. It is however, most prominent in north of Nigeria. Militant Islamic group Boko Haram recently, has been causing religious. As recent data revealed, the Christian population rate is lower than Muslim population. Natural Resources Nigeria is blessed with abundant natural resources well-dispersed across a number of states like Abuja, Adamawa and Anambra. Resources like oil, gas, iron ore, gold and columbite are tremendously available. Nigerian Civil War Biafran war stretched from 1967 to 1970 and one of the main reasons for the depletion of natural resources of Nigeria. It took a toll on human loves and cripple economy (Leavitt Fox, 2014). Natural Disasters Flooding and draught are common to Nigerians. Flooding has been reported to cause damage to thousands of acres of farmland and disrupting the livelihood of farmers. Tsunami and other hazards also severed the daily lives of Nigerians, affecting food supplies. Water Problem Water problem has caused sanitation problems and disrupting heathy functioning of the people. It has resulted in diarrhea, cholera and death within the wider population. WaterAid has been implemented to cope up with the crisis. Lack of Education Majority of the population is illiterate. The decline in the overall quality of Nigeria is apparent on witnessing poor classroom and a politicized education system (Asiyai, 2015). The classrooms are furthermore, lacking in basic amenities. This has proliferated child labor and prostitution. References: Asiyai, R. I. (2015). Improving Quality Higher Education in Nigeria: The Roles of Stakeholders.International Journal of Higher Education,4(1), 61-70. Leavitt, L. A., Fox, N. A. (Eds.). (2014).The psychological effects of war and violence on children. Psychology Press.

Project Management Accounting Blending Management

Question: Describe about the Project Management Accounting for Blending Management. Answer: 1. Schedule of Cost of goods manufactured Sold Particulars Amount Amount Op balance of raw material $ 3,247,250.00 Purchase of Raw material $ 425,000.00 Closing Stock of Raw material $ (850,000.00) Raw Material consumed $ 2,822,250.00 Direct Labor costs $ 864,000.00 Manufacturing Overhead $ 1,350,000.00 Total Manufacturing costs $ 5,036,250.00 Change in Work in process inventory $ (156,250.00) Cost of goods manufactured $ 4,880,000.00 op balance of Finished goods inventory $ 320,000.00 Cost of goods available for sale $ 5,200,000.00 Closing balance of finished goods inventory $ (1,200,000.00) Cost of Goods Sold $ 4,000,000.00 Raw Material Particular Amount Particular Amount Op balance (balancing Figure) $ 3,247,250.00 Work in process $ 2,822,250.00 Purchase of Raw material $ 425,000.00 Closing Stock of Raw material $ 850,000.00 Total $ 3,672,250.00 Total $ 3,672,250.00 WIP Particular Amount Particular Amount Op balance $ 240,000.00 Cost of goods manufactured $ 4,880,000.00 Raw material (balancing figure) $ 2,822,250.00 Direct Labor $ 864,000.00 Manufacturing OH $ 1,350,000.00 Closing balance $ 396,250.00 Total $ 5,276,250.00 Total $ 5,276,250.00 Workings: Statement Showing Calculation of Closing WIP Particular Amount Direct Material $ 140,000.00 Direct Labor costs $ 100,000.00 Manufacturing overhead $ 156,250.00 Closing balance $ 396,250.00 The overhead absorption rate is calculated by using this formula: OHR= Budgeted Overhead/ Budgeted labor hours Calculation of Overhead Absorption Rate Particular Amount Budgeted Overhead $ 1,000,000.00 Budgeted Labor Hour 200000 Overhead Absorption rate $ 5.00 The overhead absorption rate is calculated by using this formula: LHR= labor cost / labor hours Calculation of labor Hour Rate Particular Amount Labor Cost $ 100,000.00 Direct Labor Hour 31250 labor Hour rate $ 3.20 Note: Labor hour rates are calculated from the figures of WIP given in the question Accounts payable Particular Amount Particular Amount Bank account $ 430,000.00 Op balance $ 70,000.00 Closing balance $ 65,000.00 Raw Material purchased (balancing figure) $ 425,000.00 Total $ 495,000.00 Total $ 495,000.00 Finished Goods Particular Amount Particular Amount Op balance $ 320,000.00 Cost of jobs sold $ 4,000,000.00 Cost of goods manufactured (balancing figure) $ 4,880,000.00 closing balance $ 1,200,000.00 Total $ 5,200,000.00 Total $ 5,200,000.00 2. Income Statement for the month of July 2016 Particulars Amount Sales $ 6,000,000.00 Less: Cost of Goods Sold $ (4,000,000.00) Gross Profit $ 2,000,000.00 Less: Selling and Administrative Costs $ (400,000.00) Net Profit $ 1,600,000.00 3. The cost of a product can be measured using various cost accounting techniques. The two popular methods are Process costing and Job costing (DRURY 2012). The Job costing technique is used to calculate the cost of a particular contract or job that is unique in nature. The process costing computes the costs that are charged in each process (De Zoysa et al. 2014). The difference between the process costing and job costing are given below: Basis Process costing Job Costing Meaning The method in which the cost that is charged to various process and operations are determined is known as process costing (Chak and Fung 2015). The Job costing is a process that calculates the cost of a particular contract or job (Fullerton et al. 2014). Nature Productions are standardized. Productions are customized. Cost Costs are first determined for the processes are then allocated to the units. Costs for each job are calculated. Cost Center Process Job Cost reduction High Low Transfer Costs are transferred from one process to another (Fullerton et al. 2013). No transfer of costs Ascertainment of cost At the end of the cost period At the completion of job Industry Suitable for industry where mass production is done. Suitable for industry where products are manufactured as per customers specification. 4. There are two systems for records keeping of inventory this are perpetual inventory system and periodic inventory system. In the periodic inventory system the inventory balance are not continuously updated (Uyar and Kuzey 2016). The purchases are recorded in the purchase account and the cost of goods sold account does not exist in this system. The cost of goods sold is determined by a closing entry at the end of the accounting period. In the perpetual inventory system, the cost of goods sold and the inventory balances are updated regularly. The purchases are directly recorded in the inventory account (Nixon and Burns 2012). For sales two entries are passed one at the sales value and other at the cost of goods sold. The purchase account is not useful in the perpetual inventory system. Based on the above discussions it can be concluded that as production reports requires monthly updates of cost of goods sold and inventory so monthly production report is an example of perpetual inventor y system (Otley 2016). Reference Chak, S.C. and Fung, H., 2015. Exploring the effectiveness of blended learning in cost and management accounting: An empirical study. InNew Media, Knowledge Practices and Multiliteracies(pp. 189-203). Springer Singapore. De Zoysa, A., Bhati, S. and De Zoysa, M., 2014. 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