Homework Help is Here – Start Your Trial Now!
Business
Accounting
Explain how jobs cal be estir quote model based on previous data. Discuss the different methods of cost estimation. Prepare a bid for a job that would require 2,700 direct labor hours. by using a

Explain how jobs cal be estir quote model based on previous data. Discuss the different methods of cost estimation. Prepare a bid for a job that would require 2,700 direct labor hours. by using a

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
See similar textbooks
icon
Related questions
Question

5

Use the following data to generate a quote model for future business. This can be accomplished by performing a high-low or regression analysis to generate an equation relating direct labor hours to product cost: Year Quarter Direct labor Manufacturing hrs. cost 2014 Q1 2,512 $224,950 2014 Q2 2,432 $214,100 2014 Q3 2,645 $226,840 2014 Q4 2,723 $228,760 2015 Q1 2,355 $211,950 Within your analysis, make sure to include the following: Explain how jobs can be estimated by using a quote model based on previous data. Discuss the different methods of cost estimation. Prepare a bid for a job that would require 2,700 direct labor hours.
Transcribed Image Text:Use the following data to generate a quote model for future business. This can be accomplished by performing a high-low or regression analysis to generate an equation relating direct labor hours to product cost: Year Quarter Direct labor Manufacturing hrs. cost 2014 Q1 2,512 $224,950 2014 Q2 2,432 $214,100 2014 Q3 2,645 $226,840 2014 Q4 2,723 $228,760 2015 Q1 2,355 $211,950 Within your analysis, make sure to include the following: Explain how jobs can be estimated by using a quote model based on previous data. Discuss the different methods of cost estimation. Prepare a bid for a job that would require 2,700 direct labor hours.
Expert Solution
trending now

Trending now

This is a popular solution!

steps

Step by step

Solved in 3 steps

SEE SOLUTIONCheck out a sample Q&A here
Blurred answer
Knowledge Booster
Market Efficiency
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.
Recommended textbooks for you
FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
Accounting
ISBN:
9781259964947
Author:
Libby
Publisher:
MCG
Accounting
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Horngren's Cost Accounting: A Managerial Emphasis…
Horngren's Cost Accounting: A Managerial Emphasis…
Accounting
ISBN:
9780134475585
Author:
Srikant M. Datar, Madhav V. Rajan
Publisher:
PEARSON
Intermediate Accounting
Intermediate Accounting
Accounting
ISBN:
9781259722660
Author:
J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:
McGraw-Hill Education
Financial and Managerial Accounting
Financial and Managerial Accounting
Accounting
ISBN:
9781259726705
Author:
John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:
McGraw-Hill Education
SEE MORE TEXTBOOKS