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The Fairmont Machine Shop wants to develop a cost estimating equation for its monthly cost of electricity. It has the following data: Month Cost of Electricity (Y) Direct Labor-Hours (X) January $14,000 April $15,000 July $17,000 1,500 1,700 2,000 1,600 October $14,500 What would be the best equation using the high-low method? a. Y = $4,000+ $7X b. Y $0$9X c. Y$1,000+ $8X d. Y = $5,000+ $6X

The Fairmont Machine Shop wants to develop a cost estimating equation for its monthly cost of electricity. It has the following data: Month Cost of Electricity (Y) Direct Labor-Hours (X) January $14,000 April $15,000 July $17,000 1,500 1,700 2,000 1,600 October $14,500 What would be the best equation using the high-low method? a. Y = $4,000+ $7X b. Y $0$9X c. Y$1,000+ $8X d. Y = $5,000+ $6X

FINANCIAL ACCOUNTING
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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The Fairmont Machine Shop wants to develop a cost estimating equation for its monthly cost of electricity. It has the following data: Month Cost of Electricity (Y) Direct Labor-Hours (X) January $14,000 April $15,000 July $17,000 1,500 1,700 2,000 1,600 October $14,500 What would be the best equation using the high-low method? a. Y = $4,000+ $7X b. Y $0$9X c. Y$1,000+ $8X d. Y = $5,000+ $6X
Transcribed Image Text:The Fairmont Machine Shop wants to develop a cost estimating equation for its monthly cost of electricity. It has the following data: Month Cost of Electricity (Y) Direct Labor-Hours (X) January $14,000 April $15,000 July $17,000 1,500 1,700 2,000 1,600 October $14,500 What would be the best equation using the high-low method? a. Y = $4,000+ $7X b. Y $0$9X c. Y$1,000+ $8X d. Y = $5,000+ $6X
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