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

7

The Cheyenne Hotel in Big Sky, Montana, recorded its total electrical costs and number of occupancy-days over the last year. An occupancy-day represents a room rented for one day. The hotel's business is highly seasonal, with peaks occurring during the ski season and in the summer. Month January February March April May June July August September October November December Occupancy- Days 2,620 580 4,080 2,000 2,880 1,750 3,430 940 1,570 4,320 1,210 2,740 Electrical Costs $ 5,100 $ 1,450 $ 6,575 Variable cost of electricity Fixed cost of electricity $5,000 $ 5,750 $ 4,375 $ 5,965 $ 2,350 $ 3,925 $7,060 $3,025 $5,400 Required: 1. Using the high-low method, estimate the fixed cost of electricity per month and the variable cost of electricity per occupancy-day. Note: Do not round your intermediate calculations. Round your Variable cost answer to 2 decimal places and Fixed cost element answer to nearest whole dollar amount. per occupancy-day per month 2. What other factors in addition to occupancy-days are likely to affect the variation in electrical costs from month to month? Note: You may select more than one answer. Single click the box with the question mark to produce a check mark for a correct answer and double click the box with the question mark to empty the box for a wrong answer. Any boxes left with a question mark will be automatically graded as incorrect.
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Transcribed Image Text:The Cheyenne Hotel in Big Sky, Montana, recorded its total electrical costs and number of occupancy-days over the last year. An occupancy-day represents a room rented for one day. The hotel's business is highly seasonal, with peaks occurring during the ski season and in the summer. Month January February March April May June July August September October November December Occupancy- Days 2,620 580 4,080 2,000 2,880 1,750 3,430 940 1,570 4,320 1,210 2,740 Electrical Costs $ 5,100 $ 1,450 $ 6,575 Variable cost of electricity Fixed cost of electricity $5,000 $ 5,750 $ 4,375 $ 5,965 $ 2,350 $ 3,925 $7,060 $3,025 $5,400 Required: 1. Using the high-low method, estimate the fixed cost of electricity per month and the variable cost of electricity per occupancy-day. Note: Do not round your intermediate calculations. Round your Variable cost answer to 2 decimal places and Fixed cost element answer to nearest whole dollar amount. per occupancy-day per month 2. What other factors in addition to occupancy-days are likely to affect the variation in electrical costs from month to month? Note: You may select more than one answer. Single click the box with the question mark to produce a check mark for a correct answer and double click the box with the question mark to empty the box for a wrong answer. Any boxes left with a question mark will be automatically graded as incorrect.
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Step 1: Introduction of high low method
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Step 2: (1) Calculation of variable and fixed costs
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Step 3: (2) Additional factors to affect variation in electrical cost
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