Using High-Low to Calculate Fixed Cost, Calculate the Variable Rate, and Construct a Cost Function Pizza Vesuvio makes specialty pizzas. Data for the past 8 months were collected: Month Labor Cost($) Employee Hours January 9,790 360 February 7,300 420 March 7,831 450 April 8,440 340 May 10,087 390 June 8,790 310 July 11,496 500 August 7,800 280 Pizza Vesuvio's controller wants to calculate the fixed and variable costs associated with labor used in the restaurant. In your calculations, round the variable rate per employee hour to the nearest cent. If required, round your final answers to the nearest cent. Required: 1. Using the high-low method, calculate the fixed cost of labor. 2. Using the high-low method, calculate the variable rate. | per employee hour 3. Using the high-low method, construct the cost formula for total labor cost. Total labor cost - |× Employee hours)

Using High-Low to Calculate Fixed Cost, Calculate the Variable Rate, and Construct a Cost Function Pizza Vesuvio makes specialty pizzas. Data for the past 8 months were collected: Month Labor Cost($) Employee Hours January 9,790 360 February 7,300 420 March 7,831 450 April 8,440 340 May 10,087 390 June 8,790 310 July 11,496 500 August 7,800 280 Pizza Vesuvio's controller wants to calculate the fixed and variable costs associated with labor used in the restaurant. In your calculations, round the variable rate per employee hour to the nearest cent. If required, round your final answers to the nearest cent. Required: 1. Using the high-low method, calculate the fixed cost of labor. 2. Using the high-low method, calculate the variable rate. | per employee hour 3. Using the high-low method, construct the cost formula for total labor cost. Total labor cost - |× Employee hours)

Name: Using High-Low to Calculate Fixed Cost, Calculate the Variable Rate,
Uploaded: 2022-12-02T03:59:28.000Z
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Description: Using High-Low to Calculate Fixed Cost, Calculate the Variable Rate, and Construct a Cost FunctionPizza Vesuvio makes specialty pizzas. Data for the past 8 months were collected:Month Labor Cost($) Employee HoursJanuary9,790360February7,300420March7

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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Cove's Cakes is a local bakery. Price and cost information follows: Price per cake Variable cost per cake Ingredients $ 14.61 2.31 1.13 Overhead (box, etc.) 0.28 Fixed costs per month 4,464.90 Direct labor Required: 1. Determine Cove's break-even point in units and sales dollars. 2. Determine the bakery's margin of safety in sales dollars if it currently sells 480 cakes per month. 3. Determine the number of cakes that Cove must sell to generate $1,900 in profit. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Determine Cove's break-even point in units and sales dollars. Note: Round your Break-Even Units answer to the nearest whole number. Round your other intermediate calculations and sales dollars answer to 2 decimal places. Break-Even Units Break-Even Sales Dollars Cakes
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