Stein Corporation wants to find an equation to estimate some of their monthly operating costs for the operating budget for 2018. The following cost and other data were gathered for 2017: Maintenance Machine Health Number of Shipping Costs Units Month Costs Hours Insurance Employees Shipped 7,160 $4,500 $4,452 $4,600 $4,850 $8,600 $8,600 S8,600 $8,600 $8,600 January February March $25,776 $29,664 165 68 120 75 8,240 $28,674 $23,058 $21,294 $3,282 230 92 7,965 April May 318 105 6,405 $5,166 $4,760 $4,910 $4,960 $5,070 $5,250 $5,271 $4,760 460 89 5,915 $8,600 $8,600 $8,600 $8,6 $8,600 $8,600 $8,600 June 280 87 9,245 340 $31,428 $30,294 $25,110 $25,866 $20,124 $34,596 July August September 93 8,730 8,415 6,975 7,185 5,590 9,610 360 88 420 95 October 495 102 November 510 97 December 275 94

Q: Define a fixed against a variable cost and give an example of each?

A: A fixed cost is a cost that does not change with the level of output or activity in a business. It…

Q: Explain the difference between total variable costs and variable costs per unit.

A: Cost can be categorized as variable and fixed costs.

Q: 6) Define fixed, variable

A: Answer: Fixed cost A fixed cost is a value that doesn't modification over the short, although a…

Q: Define initial direct costs.

A: Initial direct cost: A cost that is incurred during the process of initiating the agreement of lease…

Q: Give some examples of Fixed Costs?

A: Fixed costs: Fixed costs are those costs which remain unchanged even there is a change in the…

Q: Define and explain the contribution margin.  Include the difference in fixed and variable costs in…

A: Contribution margin may be defined as the amount of profit generated when only the cost of goods…

Q: What are the formulas for: 1. Contribution Cost 2. Break even cost

A: Cost refers to the expense that is incurred for making the goods or providing services by the…

Q: A total cost equation can be used to predict future costs for various activity levels. Write the…

A: Concept The total cost is the sum of variable cost and fixed cost incurred For example if variable…

Q: Give the general formula for a mixed cost

A: Cost:   It refers to the economic value incurred by an organization for manufacturing a product or…

Q: what are the differences between the FIFO, LIFO, and the average cost?

A: Inventory: It refers to the items held by an organization which were in various forms like raw…

Q: Explain average cost method.

A: Average cost method: Under average cost method inventories are priced at the average of all…

Q: he total mixed cost function

A: Mixed cost is a cost that contains both fixed and variable cost.Mixed cost algebric formula is as…

Q: Select all of the following that are the same as a relevant cost: unavoidable cost Oavoidable cost…

A: Relevant cost is a cost that is specifically relevant to a particular decision being made. It is a…

Q: Which of the following are assumptions associated with the cost equation? Check all that apply. The…

A: Cost equation means a line or formula which shows both types of cost like fixed costs and variable…

Q: Types of Fixed and Variable cost with the help of example and graph?

A: Costs are the total spent amount for the expenditures and for producing the goods and services.…

Q: The “fixed cost per unit function” may also be described as: a.an asymptote b.the total cost line…

A: Introduction:- Fixed costs, also known as indirect costs or overhead costs, are corporate expenses…

Q: determine the variable cost per unit and the fixed cost using the high -low method.

A: Variable Costs :- Variable costs are expenses that vary depending on the volume of goods or services…

Q: what is weighted average cost method?

A: The weighted average cost method is one of the methods to ascertain the unit cost of a product. It…

Q: In the cost behavior equation, b*X denotes the variable cost per unit. Select one: O True O False

A: Cost behavior serves as an indicator of how a cost will vary overall when an activity is changed.…

Q: Give two examples of a value-added cost and two examples of a non-value-added cost.

A: Examples of value added cost:Direct materials.Direct labor.

Q: The controller of Sheridan Industries has collected the following monthly expense data for use in…

A: The high-low method is a cost analysis technique that calculates the variable and fixed components…

Q: Please explain the calculation of Unit contribution

A: Unit Contribution margin is contribution margin earned per unit It is calculated in 2 ways  Unit…

Q: Explain an example of fixed cost.

A: Cost:   It is the economic value of resources incurred by an organization for producing a product or…

Q: Define and describe contribution margin per unit.

A: Contribution margin:   Contribution margin refers to the process or theory that is used to judge the…

Q: Distinguish the effect of First in first out (FIFO), Last in last out (LIFO) and average cost on…

A: There are three method of Inventory valuation  First in first out ( FIFO ) Last in first out ( LIFO…

Q: Understand thedifferences between variablecosts and fixed costs.

A: Fixed costs are those costs which remain fixed regardless of output but variable costs are those…

Q: Describe three alternative linear cost functions.

A: Cost Function: Cost function represents the basic change comes in the total cost due to the change…

Q: Explain how the high-low method determines:a. The variable portion of a semivariable cost.b. The…

A: This method is used to segregate variable cost and fixed cost. In this method, highest level of…

Manufacturing Costs

Manufacturing cost is the total cost of procuring or producing a product. In other words, the manufacturing cost is the cost that an individual or business owner undertakes for the manufacturing of goods.