Not use ai please don't Roary Storm and the Hurricanes Company heat gold ingots to veryhigh temperatures by placing the ingots in a large heat coil. Theheated ingots are then run through a shaping machine that shapesthe soft ingot into wire. Due to the long heat-up time, the coil isnever turned off. When an ingot is placed in the coil, thetemperature is raised to an even higher level, and then the coil isallowed to drop to the "waiting" temperature between ingots.Management needs to know the variable cost of power involved inheating an ingot and the fixed cost of power during "waiting"periods. The following data on ingots processed and power costsare available:Number of Ingots Power CostMonthJanuary 115$6,035February95$5,035March85$4,935April105$5,535May135$6,535June125$6,135July75$4,535August65$3,735September 47$3,935October 37$2,321Required:Using the high-low method, estimate a cost formula for power cost.

Step 1: Introduction to the High-Low MethodTo determine the cost formula in the high-low method,…

Answered: Roary Storm and the Hurricanes Company…

Cornerstones of Cost Management (Cornerstones Series)

4th Edition

ISBN:9781305970663

Author:Don R. Hansen, Maryanne M. Mowen

Publisher:Don R. Hansen, Maryanne M. Mowen

Chapter3: Cost Behavior

Section: Chapter Questions

Problem 13E

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Required information [The following information applies to the questions displayed below.] Travis Metals heats copper ingots to a high temperature by placing them in a large oven. The heated ingots are then run through a shaping machine that forms them into wire. Due to the length of time it takes the oven to heat up, it is never turned off. When the ingots are placed in the oven the temperature is raised to a higher level. Once they are done being heated the oven temperature is turned back down until a new batch of ingots is ready to be heated. The following information shows the ingots processed and the power costs over the past 10 months. Month January February March April May June July August September October Ingots Power Cost 135 118 108 128 158 148 98 88 78 68 Total power costs $6,620 $5,620 $5,520 56,120 $7,120 $6,720 $5,120 $4,320 $4,520 $3,520 Required: 2. Using the high-low method, estimate a cost formula for power costs. Express the formula in the form Y = a +bX. 3. Predict…
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