Given the following cost and activity observations for Smithson Company’s utilities, use the high-low method to calculate Smithson’s fixed costs per month. Do not round intermediate calculations.   Cost Machine Hours January $52,200 20,000 February 75,000 29,000 March 57,000 22,000 April 64,000 24,500 a.$22,800 b.$50,600 c.$2,530 d.$1,533

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A: Under high low method total costs at highest and lowest level of activity are considered for…

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Inventory Valuation

Before discussing the topic inventory valuation let’s discuss the meaning of inventory. In accounting, inventory is also known as stock. Inventory means all the finished goods, materials, merchandise that a business holds for the purpose of selling it in the market with the motive of earning profit.