Murphy corporation has the following data pertaining solve this accounting questions Murphy Corporation has the following data pertaining to certain coststhat cannot be easily identified as either fixed or variable. MurphyCorporation has decided to use a method of measuring cost functionscalled the high-low method in this situation.MonthCostHoursJanuary $37,000 3,550February 24,400 2,000March 36,280 2,540April41,400 3,110May44,160 3,9003,840June40,240What would be the cost estimation equation, using Y for total costsand X for hours?

Step 1: Define Cost Estimation EquationThe cost estimation equation is a mathematical equation used…

Answered: Murphy Corporation has the following…

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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4. The MTN Company has assembled the following data pertaining to certain costs which cannot be easily identified as either fixed or variable. MTN has heard about a method of measuring cost functions called the high-low method and has decided to use it in this situation eege d) Cost $100,000 61,000 85,000 78,200 91,000 110,400 106,000 93,000 Hours 3,500 2,000 2,600 2,450 3,000 3,900 3,740 3,380 Calculate the variable cost per hour Calculate the total fixed costs Write the equation which measures the cost behaviour of the costs Calculate the operating costs for 3,750 hours.
The Barnett Company has assembled the following data pertaining to certain costs that cannot be easily identified as either fixed or variable. Barnett Company has heard about a method of measuring cost functions called the high-low method and has decided to use it in this situation. Cost Hours $24,900 5,250 24,000 5,500 36,400 7,500 44,160 9,750 45,000 9,500 What is the estimated total cost at an operating level of 8,000 hours?
The Connors Company has assembled the following data pertaining to certain costs that cannot beeasily identified as either fixed or variable. Connors Company has heard about a method of measuringcost functions called the high-low method and has decided to use it in this situation.A company has heard about a method of measuring cost functions called the regression analysis and hasdecided to use it in this situation.Cost Hours$23,000 5,000$26,000 6,450$34,600 7,650$42,000 10,000$38,000 9,350What is the estimated total cost at an operating level of 9,000 hours?A) $34,200B) $38,200C) $41,400D) $37,800 Work question #7 using regression analysis
The JAG Company has assembled the following data pertaining to certain costs that cannot be easily identified as either fixed or variable. JAG Company has heard about a method of measuring cost functions called the high-low method and has decided to use it in this situation. The following are data from the most recent periods: Cost Hours $25,000 5,025 25,100 4,000 34,000 7,515 60,370 15,500 38,000 9.500 Required: (a) Using the high-low method, estimate the cost function. Round to two decimal places. Show work to receive partial credit!! (b) Calculate the estimated total costs at an operating level of 6,000 hours. Show work to receive partial credit!!!
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*(A)The Mortise Company has assembled the following data pertaining to certain costs that cannot be easily identified as either fixed or variable. Mortise has heard about a method of measuring cost functions called the high-low method and has decided to use it in this situation.Month Cost HoursJanuary $40,000 3,600 February 38,500 3,000 March 36,280 3,300 April 38,000 3,500 May 69,850 5,850 June 45,000 4,250Required:a. What is the slope coefficient?b. What is the constant for the estimated cost equation?c. What is the estimated cost function for the above data? d. What is the estimated total cost at an operating level of 3,100 hours? *(B) The XYY company has received an initial order for eight of its products (GGG). The information about products as follows: - Direct material cost per (GGG) $ 100,000 - Direct- assembly labor time for first GGG 4,000 labor-hours - Learning curve for assembly labor time per GGG 80% cumulative average time- Direct -assembly labor cost $ 50 per hour-…
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1. (First image ) Which is correct?
Given the following information, choose the cost and activity that would be used as the high data point in high-low cost estimation: Costs (P) Activity (hours) 48 000 41 500 49 000 42 000 57 000 42 500 56 000 43 000 55 000 43 500 O P57 000 and 43 500 hours O P55 000 and 43 000 hours O P55 000 and 42 500 hours O P55 000 and 43 500 hours O P57 000 and 42 500 hours O P56 000 and 43 500 hours
Evander Inc. has decided to use the high-low method to estimate the total cost and the fixed and variable cost components of the total cost. The data for various levels of production are as follows: Units Produced Total Costs 770 $120,960 1,470 136,010 2,170 188,160 a. Determine the variable cost per unit and the total fixed cost.Variable cost fill in the blank 1 of 2$Total fixed cost fill in the blank 2 of 2$ b. Based on part (a), estimate the total cost for 1,060 units of production.Total cost for 1,060 units fill in the blank 1 of 1$

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