The controller of Chittenango Chain Company believes that the identification of the variable and fixed components of the firm's costs will enable the firm to make better planning and control decisions. Among the costs the controller is concerned about is the behavior of indirect-materials cost. The controller believes there is a correlation between machine hours and the amount of indirect materials used. A member of the controller's staff has suggested that least-squares regression be used to determine the cost behavior of indirect materials. The regression equation shown below was developed from 40 pairs of observations. S= $200+ $4H where S= Total monthly cost of indirect materials H= Machine hours per month 2. Calculate the estimated cost of indirect materials if 900 machine hours are to be used during a month. (Assume that 900 falls within the relevant range for this cost equation.) Answer is complete but not entirely correct. $ 204 X Estimated cost of indirect materials

The controller of Chittenango Chain Company believes that the identification of the variable and fixed components of the firm's costs will enable the firm to make better planning and control decisions. Among the costs the controller is concerned about is the behavior of indirect-materials cost. The controller believes there is a correlation between machine hours and the amount of indirect materials used. A member of the controller's staff has suggested that least-squares regression be used to determine the cost behavior of indirect materials. The regression equation shown below was developed from 40 pairs of observations. S= $200+ $4H where S= Total monthly cost of indirect materials H= Machine hours per month 2. Calculate the estimated cost of indirect materials if 900 machine hours are to be used during a month. (Assume that 900 falls within the relevant range for this cost equation.) Answer is complete but not entirely correct. $ 204 X Estimated cost of indirect materials

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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