Please provide the answer to this general accounting question using the right approach. A company collects the following data for amixed cost based on the number of hoursworked.Month Hours Worked Total CostJanuary 10,000$18,000February 8,000$15,000March12,000$22,000April6,000$13,000Use the High-Low Method to compute thevariable cost per hour and the total fixed cost.

Step 1: Detailed Explanation of the High-Low MethodThe High-Low Method is used to separate the fixed…

Answered: A company collects the following data…

Principles of Accounting Volume 2

19th Edition

ISBN:9781947172609

Author:OpenStax

Publisher:OpenStax

Chapter5: Process Costing

Section: Chapter Questions

Problem 2PB: The following product costs are available for Kellee Company on the production of eyeglass frames:...

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Ripley, Inc., costs products using a normal costing system. The following data are available for last year: Overhead is applied on the basis of direct labor hours. Required: 1. What was the predetermined overhead rate? 2. What was the applied overhead for last year? 3. Was overhead over- or underapplied, and by how much? 4. What was the total cost per unit produced (carry your answer to four significant digits)?
Rocks Industries has two products. They manufactured 12,539 units of product A and 8.254 units of product B. The data are: Â What is the activity rate for each cost pool?
Cushing, Inc., costs products using a normal costing system. The following data are available for last year: Overhead is applied on the basis of direct labor hours. What was last years per unit product cost? a. 1.39 b. 4.40 c. 4.43 d. 3.01
Rex Industries has two products. They manufactured 12,539 units of product A and 8.254 units of product B. The data are: What is the activity rate for each cost pool?
Scattergraph, High-Low Method, and Predicting Cost for a Different Time Period from the One Used to Develop a Cost Formula Refer to the information for Farnsworth Company on the previous page. Required: 1. Prepare a scattergraph based on the 10 months of data. Does the relationship appear to be linear? 2. Using the high-low method, prepare a cost formula for the receiving activity. Using this formula, what is the predicted cost of receiving for a month in which 1,450 receiving orders are processed? 3. Prepare a cost formula for the receiving activity for a quarter. Based on this formula, what is the predicted cost of receiving for a quarter in which 4,650 receiving orders are anticipated? Prepare a cost formula for the receiving activity for a year. Based on this formula, what is the predicted cost of receiving for a year in which 18,000 receiving orders are anticipated? Use the following information for Problems 3-60 and 3-61: Farnsworth Company has gathered data on its overhead activities and associated costs for the past 10 months. Tracy Heppler, a member of the controllers department, has convinced management that overhead costs can be better estimated and controlled if the fixed and variable components of each overhead activity are known. One such activity is receiving raw materials (unloading incoming goods, counting goods, and inspecting goods), which she believes is driven by the number of receiving orders. Ten months of data have been gathered for the receiving activity and are as follows:
Using the data in P4-2 and Microsoft Excel: 1. Separate the variable and fixed elements. 2. Determine the cost to be charged to the product for the year. 3. Determine the cost to be charged to factory overhead for the year. 4. Determine the plotted data points using Chart Wizard. 5. Determine R2. 6. How do these solutions compare to the solutions in P4-2 and P4-3? 7. What does R2 tell you about this cost model?
Method of Least Squares, Predicting Cost for Different Time Periods from the One Used to Develop a Cost Formula Refer to the information for Farnsworth Company on the previous page. However, assume that Tracy has used the method of least squares on the receiving data and has gotten the following results: Required: 1. Using the results from the method of least squares, prepare a cost formula for the receiving activity. 2. Using the formula from Requirement 1, what is the predicted cost of receiving for a month in which 1,450 receiving orders are processed? (Note: Round your answer to the nearest dollar.) 3. Prepare a cost formula for the receiving activity for a quarter. Based on this formula, what is the predicted cost of receiving for a quarter in which 4,650 receiving orders are anticipated? Prepare a cost formula for the receiving activity for a year. Based on this formula, what is the predicted cost of receiving for a year in which 18,000 receiving orders are anticipated?
Can you please answer the general accounting question?
What is the constant for the estimating cost equation
kindly help me with accounting question
Acacia Manufacturing has compiled the following information from the accounting system for the one product it sells: $ 45 per unit Sales price Fixed costs (for the month) Marketing and administrative Manufacturing overhead Variable costs (per unit) Marketing and administrative Direct materials Manufacturing overhead Direct labor Units produced and sold (for the month) Required: a. Determine the variable manufacturing cost per unit. b. Determine the variable cost per unit. c. Determine the full absorption cost per unit Note: Round your answer to 2 decimal places. d. Determine the full cost per unit Note: Round your answer to 2 decimal places. $ 23,100 $ 8,400 Exercise 2-54 (Static) Components of Full Costs (LO 2-6) a. Variable manufacturing cost per unit b. Variable cost per unit c. Full absorption cost per unit d. Full cost per unit $2 $ 13 $3 $9 21,000
Compute the variable and fixed cost elements using the high-low method.

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A company collects the following data for a mixed cost based on the number of hours worked. Month Hours Worked Total Cost January 10,000 $18,000 February 8,000 $15,000 March 12,000 $22,000 April 6,000 $13,000 Use the High-Low Method to compute the variable cost per hour and the total fixed cost.