The controller of Norton Industries has collected the following monthly expense data for use in analyzing the cost behavior of maintenance costs. Total Maintenance Costs Total Machine Hours Month January $2,710 350 February 3,010 400 March 3,610 550 April 4,510 640 May 3,210 550 June 5,590 750 Determine the variable cost components using the high-low method. (Round variable cost to 3 decimal places e.g. 12.250.) Variable cost per machine hour LINK TO TEXT LINK TO TEXT VIDEO: APPLIED SKILLS Determine the fixed cost components using the high-low method. (Round answer to 0 decimal places e.g. 2,520.) Total fixed costs

The controller of Norton Industries has collected the following monthly expense data for use in analyzing the cost behavior of maintenance costs. Total Maintenance Costs Total Machine Hours Month January $2,710 350 February 3,010 400 March 3,610 550 April 4,510 640 May 3,210 550 June 5,590 750 Determine the variable cost components using the high-low method. (Round variable cost to 3 decimal places e.g. 12.250.) Variable cost per machine hour LINK TO TEXT LINK TO TEXT VIDEO: APPLIED SKILLS Determine the fixed cost components using the high-low method. (Round answer to 0 decimal places e.g. 2,520.) Total fixed costs

Name: The controller of Norton Industries has collected the following month
Uploaded: 2024-03-20T06:33:06.000Z
Channel: Bartleby
Description: The controller of Norton Industries has collected the following monthly expense data for use in analyzing the cost behavior of maintenance costs.TotalMaintenanceCostsTotalMachine HoursMonthJanuary$2,710350February3,010400March3,610550April4,510640Ma

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Similar questions

Ashavin
Given the following cost and activity observations for Bounty Company's utilities, use the high-low method to determine Bounty's variable utilities cost per machine hour. Round your answer to the nearest cent. Cost Machine Hours March $3,091 14,781 April 2,676 9,929 May 2,812 11,845 June 3,520 17,889 a.$0.49 b.$0.53 c.$0.11 d.$1.17
Thane Company is interested in establishing the relationship between electricity costs and machine hours. Data have been collected and a regression analysis prepared using Excel. The monthly data and the regression output follow: Month Machine Hours Electricity Costs January 2,500 $ 18,400 February 2,900 21,000 March 1,900 13,500 April 3,100 23,000 May 3,800 28,250 June 3,300 22,000 July 4,100 24,750 August 3,500 22,750 September 2,000 15,500 October 3,700 26,000 November 4,700 31,000 December 4,200 27,750 Summary Output Regression Statistics Multiple R 0.965 R Square 0.932 Adjusted R2 0.925 Standard Error 1,425.18 Observations 12.00 Coefficients Standard Error t Stat P-value Lower 95% Upper 95% Intercept 3,726.88 1,682.82 2.21 0.05 (22.69) 7,476.45 Machine Hours 5.77 0.49 11.7 0.00 4.67 6.87 The percent of the total variance that can be explained by the regression is:…
Connell Co. collects the following data concerning a mixed cost, using miles as the activity level. Miles Driven Total Cost January 10,000 $17,000 February 8,000 $13,500 March 9,000 $14,400 April 7,000 $12,500 Instructions: Compute the variable and fixed cost elements using the high-low method.
Dd.102.
Question 1: The Information below is taken from production department of MSS Company for April: The number of units produced is 10000. All amounts are in $. Total Costs Variable Cost Fixed Cost Direct material cost 500000 ? ? Total labor cost ? 400000 100000 Manufacturing Overhead 90000 30000 ? Calculate: Find the missing information in the above table. Some values may not be applicable, explain. Calculate cost per unit Describe the production costs in the equation form Y = f + vX. Assume Salalah intends to produce 10000 units next month. Calculate total production costs for the month
Are the fixed costs as well as the 'other variable costs" included in the calculations of total overhead?
answer with all working like explanation , computation , formulation for all parts with steps answer in text a) Using the High-Low method calculate the fixed cost and the variable rate per unit. Round the variable rate to 2 decimal points. b) Show the cost equation for maintenance expense. c) If the expected production is estimated to be 40,000 units what would be the estimated maintenance expense be?
2. A company manufacturing two products furnishers the following data for a year: Product Annual Total Total number Total number Output (units) machine of purchase of set ups hours orders A 100 500 50 5 B 75 700 40 10 175 1200 90 15 The annual overheads are as under: Volume related activity costs RO 20000 Set up related costs RO 15000 Purchase related costs RO 35000 Total RO 70000 You are required to calculate the cost per unit of each product A and B based on: a. Traditional method of charging overheads b. Activity based costing method 本本本本本本**本本本本本本本*
Given the following cost and activity observations for Bounty Company's utilities, use the high-low method to determine Bounty's variable utilities cost per machine hour. Round your answer to the nearest cent. Cost Machine Hours March $3,031 14,997 April 2,698 10,326 May 2,858 12,140 June 3,893 18,050 a.$0.15 b.$0.77 c.$1.55 d.$0.73
7
(J)