Provide correct answer for these general accounting question Given the following information, determine the variable cost per guests, andthe total fixed costs, using both the high and low data to confirm thecalculations. High guests were 18,000 and the low guests were 12,000 andthe high and low labor costs were $25,500 and $18.000, respectively.

Step 1: Define High-Low MethodUnder the high-low method, the total costs are separated into variable…

Answered: Given the following information,…

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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The "x" in the overhead cost equation, y = $5.50x + $92,000, represents which of the following? total overhead costs. the variable costs. total fixed costs. the cost driver in units.
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XYZ Company's accountant is estimating next period's total overhead costs (Y). She performed three regression analyses, the first is based on direct labor hours (DLH), the second is based on machine hours (Mhr), and the third is based on quantity produced (Q). The results were: [Y=$95,000+ $9×DLH; R-square Y=190,000+2Q; R-square-D0.55]. How much of the variations on the overhead costs is explained 0.90]; [Y= $120,000 $5xMhr; R-square = 0.10]; by the machine hours (Mhr)? Select one: O a. 90% Ob. None of the answers given Oc.45% O6.55% Oe. 10% Next page page
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XYZ Company's accountant is estimating next period's total overhead costs (Y). She performed three regression analyses, the first is based on direct labor hours (DLH), the second is based on machine hours (Mhr), and the third is based on quantity produced (Q). The results were: [Y=$95,000 + $9×DLH; R-square = 0.90]; [Y= $120,000 + $5xMhr; R-square = 0.10]; [Y=190,000+2Q; R-square=0.55]. How much of the variations on the overhead costs is explained by %3D the machine hours (Mhr)? Select one: a. 55% b. None of the answers given c. 90% d. 45%
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Given the following information, determine the variable cost per guests, and the total fixed costs, using both the high and low data to confirm the calculations. High guests were 18,000 and the low guests were 12,000 and the high and low labor costs were $25,500 and $18.000, respectively.