Cost Accounting Assignment**1) Mixed Cost – High-Low Method Analysis**Byrnes Company accumulated the following data concerning a mixed cost, using units produced as the activity level.| Month | Units Produced | Total Cost ||-------|----------------|-------------|| March | 9,800 | $14,740 || April | 8,500 | $13,250 || May | 7,000 | $11,100 || June | 7,600 | $12,000 || July | 8,100 | $12,460 |a. Compute the variable-cost and fixed-cost elements using the high-low method.b. Using the information from your answer to part (a), write the cost formula.c. Estimate the total cost if the company produces 8,000 units.

Answered: Image /qna-images/answer/3f7e3220-6bb2-4f13-8820-7eeaf05d1042.jpg

1) Mixed cost – high-low method analysis Byrnes Company accumulated the following data concerning a mixed cost, using units produced as the activity level. Units produced 9,800 8,500 7,000 7,600 8,100 Month March April May June Total cost $14,740 $13,250 $11,100 $12,000 $12,460 July a. Compute the variable-cost and fixed cost elements using the high-low method. b. Using the information from your answer to part (a), write the cost formula. c. Estimate the total cost if the company produces 8,000 units.

1) Mixed cost – high-low method analysis Byrnes Company accumulated the following data concerning a mixed cost, using units produced as the activity level. Units produced 9,800 8,500 7,000 7,600 8,100 Month March April May June Total cost $14,740 $13,250 $11,100 $12,000 $12,460 July a. Compute the variable-cost and fixed cost elements using the high-low method. b. Using the information from your answer to part (a), write the cost formula. c. Estimate the total cost if the company produces 8,000 units.

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Similar questions

Assume that a company wants to separate a mixed cost into its variable and fixed elements for cost estimation purposes. It provided the following information: Week Units Produced Mixed Cost 1 12,000 $ 35, 300 2 13, 500 $ 39, 500 3 14, 000 $ 41, 100 4 13, 700 $ 39, 620 5 11,500 $ 34,400 6 10, 100 $ 32, 050 7 10,800 $ 32, 380 8 14, 400 $ 41,890 9 11, 200 $ 34, 200 10 13, 200 $ 39, 150 Using least - squares regression, the estimate for the fixed cost per week is closest to:
I want to correct solution
Question 1: The following information relating to production and mixed costs are extracted from the book of a manufacturing fırm: Months Production (Units) Mixed costs January 6,800 $31,580 February 6,400 $30,420 March 7,200 $32,740 April 8,000 $35,060 May 6,600 $31,000 June 7,000 $32,160 Requirements: 1. Using high and low method, estimate the variable cost per unit and the fixed costs elements from the above information 2. Express the variable and fixed costs in the form Y=a+bx
The following data have been extracted from the records of Puzzle Incorporated: February August Production level, in units 9,400 20,680 Variable costs $ 22, 560 $ ? question mark Fixed costs ? question mark 39, 300 Mixed costs 19, 612 ? question mark Total costs $81,472 $ 125, 238 Required: Calculate the missing costs. Calculate the cost formula for mixed cost using the high-low method. Calculate the total cost that would be incurred for the production of 15, 040 units. Identify the two key cost behavior assumptions made in the calculation of your answer to part c.
Question 5: The Information below is taken from production department of Salalah Company for August: The number of units produced is 20000. All amounts are in OMR. Total Costs Variable Cost Fixed Cost Direct material cost Total labor cost 800000 500000 110000 Manufacturing Overhead 100000 40000 Calculate: A. Find the missing information in the above table. Some values may not be applicable, explain. B. Calculate cost per unit C. Describe the production costs in the equation form Y = f+ yvX. D. Assume Salalah intends to produce 30000 units next month. Calculate total production costs for the month (Ctrl) -
Question 5: The Information below is taken from production department of Şalalab Company for April: The number of units produced is 10000. All amounts are in OMR. Total Costs Variable Cost Fixed Cost Direct material cost 500000 ? ? Total labor cost 400000 100000 Manufacturing Overhead 90000 30000 Calculate: A. Find the missing information in the above table. Some values may not be applicable, explain. B. Calculate cost per unit C. Describe the production costs in the equation form Y =f+vX. D. Assume Şalalab intends to produce 10000 units next month. Calculate total production costs for the month
Need complete working of step
Hi expart Provide correct answer
Ivanhoe Inc. has conducted the following analysis related to its product lines using a traditional costing system (volume-based) and an activity-based costing system. Both the traditional and activity-based costing systems include direct materials and direct labour costs. Products Product 440X Product 137Y Product 249S (a) Sales Revenue $201,000 172,000 Operating income 87,000 Total Costs Traditional $55,000 74,000 26,000 Additional information related to product usage by these pools is as follows: ABC $50,036 70,668 34,296 For each product line, calculate operating income using the traditional costing system. Product 440X Traditional costing system $ Product 137Y $ Product 249S
Provide answer this question
A-3
None