Definition of costs: Step-wise Cost: A Step-wise cost is a cost that does not change steadily with the changes in activity volume. It changes at some point of time. It remains fixed within some volume range and then changes suddenly after a certain point and again remains fixed within that next volume range and again suddenly changes after next volume range, and so on. Variable Cost: A variable cost is the cost that changes at each level and volume of activity changes. It never remains fixed in totality. It increases as the level of output increases and vice versa. It remains fixed per unit of output. Fixed Cost: A Fixed cost is a cost which remains same in totality with the change in activity level. It never remains fixed per unit. Mixed Cost: Mixed cost is a cost which contains both fixed and variable cost components. Curvilinear Cost: Curvilinear cost is a cost that increases at inconsistent rate i.e. irregular cost that increases at different different rates as the level of activity increases. Which graph represents above mentioned cost behavior Identify which graph represents the most suitable cost behavior given in various instances mentioned in question.

Question

Want to see the full answer?

Answer 1

Question

Chapter 21, Problem 1E

To determine

Definition of costs:

Step-wise Cost:

A Step-wise cost is a cost that does not change steadily with the changes in activity volume. It changes at some point of time. It remains fixed within some volume range and then changes suddenly after a certain point and again remains fixed within that next volume range and again suddenly changes after next volume range, and so on.

Variable Cost:

A variable cost is the cost that changes at each level and volume of activity changes. It never remains fixed in totality. It increases as the level of output increases and vice versa. It remains fixed per unit of output.

Fixed Cost:

A Fixed cost is a cost which remains same in totality with the change in activity level. It never remains fixed per unit.

Mixed Cost:

Mixed cost is a cost which contains both fixed and variable cost components.

Curvilinear Cost:

Curvilinear cost is a cost that increases at inconsistent rate i.e. irregular cost that increases at different different rates as the level of activity increases.

Which graph represents above mentioned cost behavior

Identify which graph represents the most suitable cost behavior given in various instances mentioned in question.

Expert Solution & Answer

Want to see the full answer?

Check out a sample textbook solution

See solution

Students have asked these similar questions

Please provide the answer to this financial accounting question using the right approach.

Solve this financial accounting problem

Kindly help me with this General accounting questions not use chart gpt please fast given solution

Answer 2

Question

Chapter 21, Problem 1E

To determine

Definition of costs:

Step-wise Cost:

A Step-wise cost is a cost that does not change steadily with the changes in activity volume. It changes at some point of time. It remains fixed within some volume range and then changes suddenly after a certain point and again remains fixed within that next volume range and again suddenly changes after next volume range, and so on.

Variable Cost:

A variable cost is the cost that changes at each level and volume of activity changes. It never remains fixed in totality. It increases as the level of output increases and vice versa. It remains fixed per unit of output.

Fixed Cost:

A Fixed cost is a cost which remains same in totality with the change in activity level. It never remains fixed per unit.

Mixed Cost:

Mixed cost is a cost which contains both fixed and variable cost components.

Curvilinear Cost:

Curvilinear cost is a cost that increases at inconsistent rate i.e. irregular cost that increases at different different rates as the level of activity increases.

Which graph represents above mentioned cost behavior

Identify which graph represents the most suitable cost behavior given in various instances mentioned in question.

Expert Solution & Answer

Want to see the full answer?

Check out a sample textbook solution

See solution

Answer 3

Question

Chapter 21, Problem 1E

To determine

Definition of costs:

Step-wise Cost:

A Step-wise cost is a cost that does not change steadily with the changes in activity volume. It changes at some point of time. It remains fixed within some volume range and then changes suddenly after a certain point and again remains fixed within that next volume range and again suddenly changes after next volume range, and so on.

Variable Cost:

A variable cost is the cost that changes at each level and volume of activity changes. It never remains fixed in totality. It increases as the level of output increases and vice versa. It remains fixed per unit of output.

Fixed Cost:

A Fixed cost is a cost which remains same in totality with the change in activity level. It never remains fixed per unit.

Mixed Cost:

Mixed cost is a cost which contains both fixed and variable cost components.

Curvilinear Cost:

Curvilinear cost is a cost that increases at inconsistent rate i.e. irregular cost that increases at different different rates as the level of activity increases.

Which graph represents above mentioned cost behavior

Identify which graph represents the most suitable cost behavior given in various instances mentioned in question.

Expert Solution & Answer

Want to see the full answer?

Check out a sample textbook solution

See solution

Answer 4

Question

Chapter 21, Problem 1E

To determine

Definition of costs:

Step-wise Cost:

A Step-wise cost is a cost that does not change steadily with the changes in activity volume. It changes at some point of time. It remains fixed within some volume range and then changes suddenly after a certain point and again remains fixed within that next volume range and again suddenly changes after next volume range, and so on.

Variable Cost:

A variable cost is the cost that changes at each level and volume of activity changes. It never remains fixed in totality. It increases as the level of output increases and vice versa. It remains fixed per unit of output.

Fixed Cost:

A Fixed cost is a cost which remains same in totality with the change in activity level. It never remains fixed per unit.

Mixed Cost:

Mixed cost is a cost which contains both fixed and variable cost components.

Curvilinear Cost:

Curvilinear cost is a cost that increases at inconsistent rate i.e. irregular cost that increases at different different rates as the level of activity increases.

Which graph represents above mentioned cost behavior

Identify which graph represents the most suitable cost behavior given in various instances mentioned in question.

Expert Solution & Answer

Want to see the full answer?

Check out a sample textbook solution

See solution

Answer 5

Chapter 21, Problem 1E

To determine

Definition of costs:

Step-wise Cost:

A Step-wise cost is a cost that does not change steadily with the changes in activity volume. It changes at some point of time. It remains fixed within some volume range and then changes suddenly after a certain point and again remains fixed within that next volume range and again suddenly changes after next volume range, and so on.

Variable Cost:

A variable cost is the cost that changes at each level and volume of activity changes. It never remains fixed in totality. It increases as the level of output increases and vice versa. It remains fixed per unit of output.

Fixed Cost:

A Fixed cost is a cost which remains same in totality with the change in activity level. It never remains fixed per unit.

Mixed Cost:

Mixed cost is a cost which contains both fixed and variable cost components.

Curvilinear Cost:

Curvilinear cost is a cost that increases at inconsistent rate i.e. irregular cost that increases at different different rates as the level of activity increases.

Which graph represents above mentioned cost behavior

Identify which graph represents the most suitable cost behavior given in various instances mentioned in question.

Answer 6

Chapter 21, Problem 1E

To determine

Definition of costs:

Step-wise Cost:

A Step-wise cost is a cost that does not change steadily with the changes in activity volume. It changes at some point of time. It remains fixed within some volume range and then changes suddenly after a certain point and again remains fixed within that next volume range and again suddenly changes after next volume range, and so on.

Variable Cost:

A variable cost is the cost that changes at each level and volume of activity changes. It never remains fixed in totality. It increases as the level of output increases and vice versa. It remains fixed per unit of output.

Fixed Cost:

A Fixed cost is a cost which remains same in totality with the change in activity level. It never remains fixed per unit.

Mixed Cost:

Mixed cost is a cost which contains both fixed and variable cost components.

Curvilinear Cost:

Curvilinear cost is a cost that increases at inconsistent rate i.e. irregular cost that increases at different different rates as the level of activity increases.

Which graph represents above mentioned cost behavior

Identify which graph represents the most suitable cost behavior given in various instances mentioned in question.

Answer 7

Chapter 21, Problem 1E

To determine

Definition of costs:

Step-wise Cost:

A Step-wise cost is a cost that does not change steadily with the changes in activity volume. It changes at some point of time. It remains fixed within some volume range and then changes suddenly after a certain point and again remains fixed within that next volume range and again suddenly changes after next volume range, and so on.

Variable Cost:

A variable cost is the cost that changes at each level and volume of activity changes. It never remains fixed in totality. It increases as the level of output increases and vice versa. It remains fixed per unit of output.

Fixed Cost:

A Fixed cost is a cost which remains same in totality with the change in activity level. It never remains fixed per unit.

Mixed Cost:

Mixed cost is a cost which contains both fixed and variable cost components.

Curvilinear Cost:

Curvilinear cost is a cost that increases at inconsistent rate i.e. irregular cost that increases at different different rates as the level of activity increases.

Which graph represents above mentioned cost behavior

Identify which graph represents the most suitable cost behavior given in various instances mentioned in question.

Answer 8

Expert Solution & Answer

Answer 9

Expert Solution & Answer

Answer 10

Want to see the full answer?

Check out a sample textbook solution

See solution

Answer 11

Ch. 21 - Cost behavior identification C1 Listed here are...Ch. 21 - QS 21-2 Cost behavior identification c1 ...Ch. 21 - QS 21-3 Cost behavior estimation—high-low method...Ch. 21 - Prob. 4QS Ch. 21 - Prob. 5QS Ch. 21 - Prob. 6QS Ch. 21 - Prob. 7QS Ch. 21 - Prob. 8QS Ch. 21 - Prob. 9QS Ch. 21 - Prob. 10QS

Concept explainers

Videos

Want to see the full answer?

Chapter 21 Solutions