Data on utilities for the year follow: Month Number of Jobs Cost Hours Worked January 42 $ 3,950 840 February 37 3,550 740 March 44 4,090 880 980 April May 49 4,410 54 4,720 1,080 June 62 5,240 1,240 July 71 5,820 1,420 August September 73 5,890 1,460 63 5,370 1,260 October 48 4,340 960 November 45 4,210 900 December 40 3,830 800 Totals 628 $55,420 12,560 REQUIRED 1. Classify the costs as variable, fixed, or mixed. 2. Using the high-low method, separate mixed costs into their variable and fixed com- ponents. Use total hours worked as the basis. 3. Compute the average cost per job for the year. (Hint: Divide the total of all costs for the year by the number of jobs completed.) Use estimated hours to determine utilities costs. (Round to two decimal places.)
Data on utilities for the year follow: Month Number of Jobs Cost Hours Worked January 42 $ 3,950 840 February 37 3,550 740 March 44 4,090 880 980 April May 49 4,410 54 4,720 1,080 June 62 5,240 1,240 July 71 5,820 1,420 August September 73 5,890 1,460 63 5,370 1,260 October 48 4,340 960 November 45 4,210 900 December 40 3,830 800 Totals 628 $55,420 12,560 REQUIRED 1. Classify the costs as variable, fixed, or mixed. 2. Using the high-low method, separate mixed costs into their variable and fixed com- ponents. Use total hours worked as the basis. 3. Compute the average cost per job for the year. (Hint: Divide the total of all costs for the year by the number of jobs completed.) Use estimated hours to determine utilities costs. (Round to two decimal places.)
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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In Principles of Accounting:
12th Edition
Belverd E. + 5 others
Publisher: Cengage Learning
ISBN: 9781133593102
Please answer part three.
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