a) Estimate the fixed cost and variable cost using the high-low method.

Q: Which of the following is called minimum point of production at which total cost is recovered:

A: Total cost recovery is the point under which the entity does not make any profit or loss That is…

Q: Define a fixed against a variable cost and give an example of each?

A: A fixed cost is a cost that does not change with the level of output or activity in a business. It…

Q: Cost estimation is the process of   a. Summarizing pwst costs into fixed variable components.…

A: Solution: Cost estimation is the process of "Estimating the relationship between costs and the costs…

Q: Explain the difference between total variable costs and variable costs per unit.

A: Cost can be categorized as variable and fixed costs.

Q: 6) Define fixed, variable

A: Answer: Fixed cost A fixed cost is a value that doesn't modification over the short, although a…

Q: Give some examples of Fixed Costs?

A: Fixed costs: Fixed costs are those costs which remain unchanged even there is a change in the…

Q: The lower-of-cost-or-market (LCM) basis may be used with all of the following methods except The…

A: As per US gaap, Inventory is valued at lower-of-cost-or-market value.

Q: Define and explain the contribution margin.  Include the difference in fixed and variable costs in…

A: Contribution margin may be defined as the amount of profit generated when only the cost of goods…

Q: Assign costs to unitsusing the FIFO method.

A: FIFO Method:   It is a method of inventory costing where the inventory purchased first is the first…

Q: In applying the high-low method of cost estimation to mixed costs, how is the total fixed cost…

A: Mixed cost also called the semi variable cost . Mixed cost contains both fixed and variable cost .…

Q: Given the following, the only item that will generally be included in relevant cost analysis is:…

A: Introduction:   The phrase "relevant cost" in managerial accounting refers to avoidable costs that…

Q: What are the formulas for: 1. Contribution Cost 2. Break even cost

A: Cost refers to the expense that is incurred for making the goods or providing services by the…

Q: A total cost equation can be used to predict future costs for various activity levels. Write the…

A: Concept The total cost is the sum of variable cost and fixed cost incurred For example if variable…

Q: In the mixed cost function Y = A + BX, total variable costs is represented by: a. A + BX b. A c. Y…

A: In the mixed cost function Y = A + BX, Y = Total Cost A = Fixed Cost B = Variable Cost per unit X =…

Q: Explain the difference between fixed cost and variable cost? Support your answer with examples

A: Cost:   It is the economic value of resources incurred by a firm to manufacture a product or render…

Q: Give the general formula for a mixed cost

A: Cost:   It refers to the economic value incurred by an organization for manufacturing a product or…

Q: 3. Why there is a need to identify the standard cost?

A: Standard cost is the estimated cost of a certain process, resource or any item.

Q: iable costs in the context of cost-volume-profit (CPV) analysis?  b. Fixed costs in the context of…

A: Cost volume profit analysis is very important for the companies because it tells them that whether…

Q: Describe the conference method for estimating a cost function. What are two advantages of this…

A: Conference method:

Q: Explain average cost method.

A: Average cost method: Under average cost method inventories are priced at the average of all…

Q: he total mixed cost function

A: Mixed cost is a cost that contains both fixed and variable cost.Mixed cost algebric formula is as…

Q: Answer with this question

A: Step 1: Introduction to the Total Asset turnover:Total asset turnover is given as the sales divided…

Q: What is the difference between a linear and a nonlinear cost function? Give an example of each type…

A: Cost Function:Cost function represents the basic change comes in the total cost due to the change in…

Q: Summary, identify and relate the concepts of costs variable, step-variable, fixed, step-fixed,…

A: Answer:-  Cost meaning:- Cost is the sum money that a business spends on the development or…

Q: Types of Fixed and Variable cost with the help of example and graph?

A: Costs are the total spent amount for the expenditures and for producing the goods and services.…

Q: The “fixed cost per unit function” may also be described as: a.an asymptote b.the total cost line…

A: Introduction:- Fixed costs, also known as indirect costs or overhead costs, are corporate expenses…

Q: determine the variable cost per unit and the fixed cost using the high -low method.

A: Variable Costs :- Variable costs are expenses that vary depending on the volume of goods or services…

Q: Question 1: Differentiate between standard cost and estimated cost.

A: Since you have asked multiple question, we will solve the first question for you. If you  want any…

Q: In the cost behavior equation, b*X denotes the variable cost per unit. Select one: O True O False

A: Cost behavior serves as an indicator of how a cost will vary overall when an activity is changed.…

Q: Describe variable costs and fixed costs and give an example of each.

A: Cost Accounting: It is the process of collecting, recording, analyzing the cost, summarizing cost,…

Q: The controller of Sheridan Industries has collected the following monthly expense data for use in…

A: The high-low method is a cost analysis technique that calculates the variable and fixed components…

Q: In the cost equation TC = F + VX, “V” is best described as the:    Multiple Choice   intercept…

A: The objective of the question is to identify the correct description of 'V' in the cost equation TC…

Q: When using the visual-fit method to estimate a cost function, we can estimate the fixed cost by O…

A: Visual Fit Method  It is the most common method used by analysts for examining the cost by the way…

Q: Please explain the calculation of Unit contribution

A: Unit Contribution margin is contribution margin earned per unit It is calculated in 2 ways  Unit…

Manufacturing Costs

Manufacturing cost is the total cost of procuring or producing a product. In other words, the manufacturing cost is the cost that an individual or business owner undertakes for the manufacturing of goods.