The phone bill for a corporation consists of both fixed and variable costs. Refer to the four-month data below and apply the high-low method to answer the question. MinutesTotal BillJanuary480$4500February240$2690March160$2630April300$2845 If the company uses 360 minutes in May, how much will the total bill be? (Round any intermediate calculations to the nearest cent and your final answer to the nearest dollar.) $1697 $2102 $3799 $7305

Variable cost per minute = (Highest activity cost - Lowest activity cost)/(Highest activity units -…

Answered: The phone bill for a corporation…

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 phone bill for a corporation consists of both fixed and variable costs. Refer to the four-month data below and apply the high-low method to answer the question.

	Minutes	Total Bill
January	480	$4500
February	240	$2690
March	160	$2630
April	300	$2845

If the company uses 360 minutes in May, how much will the total bill be? (Round any intermediate calculations to the nearest cent and your final answer to the nearest dollar.)

		$1697
		$2102
		$3799
		$7305

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