M5-10 (Algo) Estimating Cost Behavior Using High-Low Method [LO 5-3] Tan-O-Rama is a local tanning salon. The following information reflects its number of appointments and total costs for the first half of the year. Month January February March April May June Number of Appointments 225 350 275 200 Variable Cost per Unit Fixed Cost 400 300 Total Cost $5,350 5,500 5,450 5,750 6,500 5,950 Using the high-low method, calculate the total fixed cost per month and the variable cost per tanning appointment. Note: Round your "Variable cost per unit" answer to 2 decimal places and "Fixed cost" answer to the nearest dollar amount.

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Contract Costing

Contract costing is about tracing particular costs related to a particular contract entered into with the customer. It is one of the forms of job order costing. It is useful in long-term contracts at the most. It is seen that substantial time is required for the completion of the contract which takes different accounting periods. Thus, it is very much helpful for recognizing the costs associated with it and accounting in their specific accounting periods.