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The Ivanhoe Law Office has the following monthly telephone records and costs: Calls 6,500 4,600 6,700 11,500 6,800 6,200 Costs $3,975 3,500 4,250 7,295 4,275 3,775 Identify the fixed and variable cost components using the high-low method. (Round variable cost to 2 decimal places, eg. 52.75 Variable cost $ Fixed cost $ High Low

The Ivanhoe Law Office has the following monthly telephone records and costs: Calls 6,500 4,600 6,700 11,500 6,800 6,200 Costs $3,975 3,500 4,250 7,295 4,275 3,775 Identify the fixed and variable cost components using the high-low method. (Round variable cost to 2 decimal places, eg. 52.75 Variable cost $ Fixed cost $ High Low

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 Ivanhoe Law Office has the following monthly telephone records and costs: Calls 6,500 4,600 6,700 11,500 6,800 6,200 Costs $3,975 3,500 4,250 7,295 4,275 3,775 Identify the fixed and variable cost components using the high-low method. (Round variable cost to 2 decimal places, e.g. 52.75.) Variable cost $ Fixed cost $ eTextbook and Media High $ $ Low
Transcribed Image Text:The Ivanhoe Law Office has the following monthly telephone records and costs: Calls 6,500 4,600 6,700 11,500 6,800 6,200 Costs $3,975 3,500 4,250 7,295 4,275 3,775 Identify the fixed and variable cost components using the high-low method. (Round variable cost to 2 decimal places, e.g. 52.75.) Variable cost $ Fixed cost $ eTextbook and Media High $ $ Low
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