Answered: High-Low Method The manufacturing costs… | bartleby

FINANCIAL ACCOUNTING

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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High-Low Method
The manufacturing costs of Ackerman Industries for the first three months of the year follow
Total Costs
Units Produced
$253,550
2,540 units
January
February
1,400
187,200
March
3,400
291,200
Using the high-low method, determine (a) the variable cost per unit and (b) the total fixed cost. Round all answers to the nearest whole dollar.
a. Variable cost per unit
b. Total fixed cost

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The manufacturing costs of Calico Industries for 3 months of the year are as follows: Total Cost Production (units) April $111,100 276,200 May 82,600 163,200 June 106,300 244,600 Using the high-low method, the variable cost per unit and the total fixed costs are Round your intermediate calculations to two decimal places. a.$2.50 per unit and $4,205, respectively b.$4.50 per unit and $4,205, respectively c.$0.25 per unit and $42,050, respectively d.$0.45 per unit and $21,025, respectively
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High-Low Method The manufacturing costs of Kellam Industries for the first three months of the year follow: January February March Total Costs Units Produced 1,950 units 3,430 5,850 $287,820 301,570 447,720 Using the high-low method, determine (a) the variable cost per unit and (b) the total fixed cost. a. Variable cost per unit b. Total fixed cost $
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Question 1: The following information relating to production and mixed costs are extracted from the book of a manufacturing fırm: Months Production (Units) Mixed costs January 6,800 $31,580 February 6,400 $30,420 March 7,200 $32,740 April 8,000 $35,060 May 6,600 $31,000 June 7,000 $32,160 Requirements: 1. Using high and low method, estimate the variable cost per unit and the fixed costs elements from the above information 2. Express the variable and fixed costs in the form Y=a+bx
High-Low Method The manufacturing costs of Kellam Industries for the first three months of the year follow: Total Costs Units Produced January $223,200 1,395 units February 262,380 2,710 March 347,200 4,495 Using the high-low method, determine (a) the variable cost per unit and (b) the total fixed cost. a. Variable cost per unit $fill in the blank 1 b. Total fixed cost $fill in the blank 2
The manufacturing costs of Ackerman Industries for the first three months of the year follow: Total Costs Units Produced January $264,960 1,380 units February 392,730 2,330 March 412,160 3,680 Using the high-low method, determine (a) the variable cost per unit and (b) the total fixed cost. Round all answers to the nearest whole dollar. a. Variable cost per unit $fill in the blank 1 b. Total fixed cost $fill in the blank 2
LL 3. Preble Company manufactures one product. Its variable manufacturing overhead is applied to production based on direct labor-hours and its standard cost card per unit is as follows: Direct material: 4 pounds at $19.00 per pound Direct labor: 2 hours at $16 per hour Variable overhead: 2 hours at $6 per hour 32.00 Total standard variable cost per unit $84.00 The company also established the following cost formulas for its selling expenses: Variable Cost Fixed Cost per Month per Unit Sold Advertising Sales salaries and commissions, Shipping expenses, $ 240,000 The planning budget for March was based on producing and selling 30,000 units. However, during March the company actually produced and sold 34,500 units and incurred the following costs: a. Purchased 150,000 pounds of raw materials at a cost of $9.20 per pound. All of this material was used in production. b. Direct-laborers worked 62,000 hours at a rate of $17.00 per hour. C. Total variable manufacturing overhead for the month…
High-Low Method The manufacturing costs of Kellam Industries for the first three months of the year follow: Total Costs Units Produced January $2,400,000 10,000 units February 2,950,000 42,000 March 3,200,000 50,000 Using the high-low method, determine (a) the variable cost per unit and (b) the total fixed cost. a. Variable cost per unit b. Total fixed cost
The manufacturing costs of Kellam Industries for the first three months of the year follow: Total Costs Units Produced January $318,060 2,015 units February 357,640 3,850 March 494,760 5,115 Using the high-low method, determine (a) the variable cost per unit and (b) the total fixed cost. a. Variable cost per unit $fill in the blank 1 b. Total fixed cost $fill in the blank 2
.Noriel Company has collected the following information over the last six months: Month Units Produced Cost July 10,000 P 20,000 August 12,000 20,500 September 13,000 20,600 October 14,000 21,000 November 11,000 20,050 December 18,000 21,600 Using the high-low method, what is the variable cost per unit? CHOICES a. P 1.49 b. P .20 c. P 1.20 d. P 1.59

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