Harbor images nas collected the lollowing cost data for various leveis of activity. Images Created Total Cost $5,700 $6,320 $9,210 $5,250 Month 6,000 August September October 7,750 8,100 4,500 November a. Using the high-low method, determine the variable cost per image created and the total fixed cost. (Round your varia decimal places.) Variable Cost Per Image Fixed Cost Per Month b. Estimate the total costs when 6,500 images are created. (Do not round your intermediate calculations.) Total Costs

Harbor images nas collected the lollowing cost data for various leveis of activity. Images Created Total Cost $5,700 $6,320 $9,210 $5,250 Month 6,000 August September October 7,750 8,100 4,500 November a. Using the high-low method, determine the variable cost per image created and the total fixed cost. (Round your varia decimal places.) Variable Cost Per Image Fixed Cost Per Month b. Estimate the total costs when 6,500 images are created. (Do not round your intermediate calculations.) Total Costs

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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Variable Costing Income Statement for a Service Company The actual and planned data for Underwater University for the Fall term were as follows: Actual Planned Enrollment 4,500 4,125 Tuition per credit hour $120 $135 Credit hours 43,200 60,450 Registration, records, and marketing costs per enrolled student $275 $275 Instructional costs per credit hour $60 $64 Depreciation on classrooms and equipment $825,600 $825,600 Registration, records, and marketing costs vary by the number of enrolled students, while instructional costs vary by the number of credit hours. Depreciation is a fixed cost. Prepare a variable costing income statement showing the contribution margin and operating income for the Fall term.
Month Yachts Shipped Shipping Cost January 6 $ 11,650 February 4 9,100 March 3 7,825 April 8 14,200 May 2 6,550 June 7 12,925 July 5 10,375 A. Using the high-low method, create the cost formula for C&C Yachts’ shipping costs. B. Prepare a scatter graph of the shipping data using excel. Then use the least-squares regression method to come up with the cost equation that represents the line of best fit. Comment on the accuracy of this equation and how it compares to your high-low method estimation. C. What would you estimate shipping costs to be if C&C Yachts shipped 10 yachts in a single month? Use the cost formula you obtained in part A. Compare this to the cost equation you came up with in Part B.
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