FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN: 9781259964947
Author: Libby
Publisher: MCG
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Concept explainers

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.
Question
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I need to find the slope and the intercept. For the slope round to two decimal places, and for the intercept round to the nearest dollar 
Week Costs ($) 1 2 3 4 LO 5 6 7 8 9 10 11 12 $14,300 $22,800 $14,665 $21,453 $18,445 $18,378 $18,178 $19,848 $18,037 $14,162 $21,439 Week $16,432 As the cost accountant, you have identified thee potential cost drivers: number of units produced (X1), number of labo ho (X2), and number of hase orders (X3). You have collected data on these three cost drivers, displayed below: Units Hours POs X1 X2 X3
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Transcribed Image Text:Week Costs ($) 1 2 3 4 LO 5 6 7 8 9 10 11 12 $14,300 $22,800 $14,665 $21,453 $18,445 $18,378 $18,178 $19,848 $18,037 $14,162 $21,439 Week $16,432 As the cost accountant, you have identified thee potential cost drivers: number of units produced (X1), number of labo ho (X2), and number of hase orders (X3). You have collected data on these three cost drivers, displayed below: Units Hours POs X1 X2 X3
Week X1 1 2 3 4. 5 6 7 8 9 10 11 Units Hours POs 12 198 478 239 418 252 398 317 340 425 142 419 158 X2 the slope (b) 42 69 51 65 51 58 62 66 47 46 58 58 X3 159 285 97 204 167 179 177 219 239 68 309 107 You have selected Purchase Orders (X3) as your independent variable. Use the High-Low Method to calculate: (do not use dollar signs. round to two decimal places) the intercept, (a)
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Transcribed Image Text:Week X1 1 2 3 4. 5 6 7 8 9 10 11 Units Hours POs 12 198 478 239 418 252 398 317 340 425 142 419 158 X2 the slope (b) 42 69 51 65 51 58 62 66 47 46 58 58 X3 159 285 97 204 167 179 177 219 239 68 309 107 You have selected Purchase Orders (X3) as your independent variable. Use the High-Low Method to calculate: (do not use dollar signs. round to two decimal places) the intercept, (a)
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Step 1: Explain high low method
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Step 2: Calculate the variable cost per unit (slop) and fixed cost (intercept)
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