Cost Accounting of Bausch & Lomb Incorporated
Bausch & Lomb is an eye health company that began in Rochester, New York, in 1853 (Bausch & Lomb, 2008). The company began as a small optical shop and has since grown into a multi-billion dollar corporation with approximately 13,000 employees and with products available in more than 100 countries (Bausch & Lomb, 2008). Bausch & Lomb markets five broad categories of products: contact lenses, lens care products, pharmaceuticals, cataract and vitreoretinal surgery, and refractive surgery (Bausch & Lomb, 2008).
Bausch & Lomb began with John Jacob Bausch, a German immigrant living in New York, in 1853 (Bausch & Lomb, 2008). Bausch opened a small optical goods shop in the town of Rochester (Bausch & Lomb, 2008). When Bausch needed money to keep the business afloat, he borrowed $60 from his friend, Henry Lomb (Bausch & Lomb, 2008). He promised Lomb that if the business became successful, he would make him a partner (Bausch & Lomb, 2008). Needless to say, the business did become successful and the partnership was formed.
The company has paved the way for health care innovations throughout its reign in the health care industry. The company created the lenses that were used on the camera that took the first satellite pictures of the moon (Bausch & Lomb, 2008). The company also produced the first optical quality glass made in America, as well as developing ground-breaking sunglasses for the military during the First World War (Bausch & Lomb, 2008). On top of all this, Bausch & Lomb was also the first company to introduce soft contact lenses and continues to be the world’s largest provider of eye care products (Bausch & Lomb, 2008).
Bausch & Lomb has long been v ...