please answer correct this time with full work In your calculations, round the variable rate per employee hour to thenearest cent. If required, round your final answers to the nearest cent.Required:1. Using the high-low method, calculate the variable rate.15.80✔ per employee hour2. Using the high-low method, calculate the total fixed labor cost.$3. Using the high-low method, construct the cost formula for total labor cost.Total labor cost = $Ixx Employee hours]+ [$Feedback Using High-Low to Calculate the Variable Rate, Calculate Fixed Cost, and Construct aCost FunctionPizza Vesuvio makes specialty pizzas. Data for the past 8 months were collected:LaborEmployeeCost ($)HoursJanuary9,490February 7,000March7,531April8,140May9,787June8,490July13,416August 7,500Month560650690520600470770430Pizza Vesuvio's controller wants to calculate the variable and fixed costs associatedwith labor used in the restaurant.

Introduction: - High-low method is one of the techniques that is used to separate fixed and…

In your calculations, round the variable rate per employee hour to the mearest cent. If required, round your final answers to the nearest cent Required: . Using the high-low method, calculate the variable rate. 15.80✔ per employee hour 2. Using the high-low method, calculate the total fixed labor cost. . Using the high-low method construct the cost form

In your calculations, round the variable rate per employee hour to the mearest cent. If required, round your final answers to the nearest cent Required: . Using the high-low method, calculate the variable rate. 15.80✔ per employee hour 2. Using the high-low method, calculate the total fixed labor cost. . Using the high-low method construct the cost form

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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Using High-Low to Calculate the Variable Rate, Calculate Fixed Cost, and Construct a Cost Function Pizza Vesuvio makes specialty pizzas. Data for the past 8 months were collected: Labor Employee Cost ($) Hours January 9,490 February 7,000 March 7,531 April 8,140 May 9,787 June 8,490 July 13,416 August 7,500 Month 560 650 690 520 600 470 770 430 Pizza Vesuvio's controller wants to calculate the variable and fixed costs associated with labor used in the restaurant.
Given the following cost and activity observations for Bounty Company's utilities, use the high-low method to determine Bounty's variable utilities cost per machine hour. Round your answer to the nearest cent. Cost Machine Hours March $3,107 14,586 April 2,674 10,257 May 2,816 12,190 June 3,767 17,550 Oa. S1.80 Оb. so.15 Oc. S0.71 Od. S0.75 Previous Next MacBook Air
Using High-Low to Calculate Fixed Cost, Calculate the Variable Rate, and Construct a Cost Function Pizza Vesuvio makes specialty pizzas. Data for the past 8 months were collected: Month Labor Cost($) Employee Hours January 9,790 300 February 7,300 350 March 7,831 370 April 8,440 280 May 10,087 320 June 8,790 250 July 10,932 410 August 7,800 230 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 variable rate. $fill in the blank 1 per employee hour 2. Using the high-low method, calculate the fixed cost of labor. $fill in the blank 2 3. Using the high-low method, construct the cost formula for total labor cost. Total labor cost = $fill…
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Using High-Low to Calculate Fixed Cost, Calculate the Variable Rate, and Construct a Cost Function Pizza Vesuvio makes specialty pizzas. Data for the past 8 months were collected: Month Labor Cost($) Employee Hours January 9,490 550 February 7,000 630 March 7,531 670 April 8,140 500 May 9,787 590 June 8,490 460 July 12,872 760 August 7,500 420 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.$________ 2. Using the high-low method, calculate the variable rate.$_________ 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 9,490 300 February 7,000 350 March 7,531 370 April 8,140 280 May 9,787 320 June 8,490 250 July 10,776 410 August 7,500 230 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. 18.2 x 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 = $ + ($ x Employee hours)
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Using Regression to Calculate Fixed Cost, Calculate the Variable Rate, Construct a Cost Formula, and Determine Budgeted Cost Pizza Vesuvio makes specialty pizzas. Data for the past 8 months were collected: Month Labor Cost Employee Hours January $7,000 360 February 8,140 550 March 9,899 630 April 9,787 600 May 8,490 480 June 7,450 350 July 9,490 570 August 7,531 310 Coefficients shown by a regression program for Pizza Vesuvio's data are: Intercept 4,497 X Variable 8.26 In your calculations, round the variable rate per employee hour to the nearest cent. Required: Use the results of regression to make the following calculations: 1. Calculate the fixed cost of labor.$fill in the blank 1 Calculate the variable rate per employee hour.$fill in the blank 2per employee hour 2. Construct the cost formula for total labor cost.Total labor cost = $fill in the blank 3 + ($fill in the blank 4 × Employee hours) 3. Calculate the budgeted…
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A company has the following historical cost information for the past 4 quarters: Units Costs Q1 1681 $47023 Q2 1133 $42223 Q3 1109 $40854 Q4 1129 $42494 $ 34.160 Use Microsoft Excel to calculate the following items with the most accuracy possible: Variable cost per per minimum precision: unit thousandths place unit Fixed costs in $ 31341 minimum precision: total ones place R Squared minimum precision: thousandths place Please put an answer in each input field.
Given the following cost and activity observations for Bounty Company's utilities, use the high-low method to calculate Bounty' variable utilities costs per machine hour. Round your answer to the nearest cent. March April May June Cost $3,100 2,700 2,900 3,600 Machine Hours 15.000 10,000 12,000 18,000
Java Joe coffees wants to find an equation to estimate monthly utility costs. Java Joe's has been in business for one year and has collected the following cost data for utilities 1.which of the preceding costs is variable? Fixed? Mixed? Explain 2. using the high-low method, determine the cost function for each cost 3. combine the preceding information to get a monthly utility cost function for Java 4. next month, Java's expects to use 2200 kilowatt hours of electricity, make 1500 minutes of telephone calls and use 32000 gallons of water. Estimate total cost of utilities for the month Month Electricity bill Kilowatt hours used telefone telefone min used Water bill Gallonsof water used January $360 1200 $92.00 1100 $60 30560 February $420 1400 $91.80 1060 $60 26800 March $549 1830 $94.80 1240 $60 31450 April $405 1350 $89.60 980 $60 29965 May $588 1960 $98.00 1400 $60 30568 June $624 2080…