Answer | ||
Miles | Total Cost | |
January | 7990 | $ 14,100 |
February | 7485 | $ 13,468 |
March | 8490 | $ 14,875 |
April | 8190 | $ 14,485 |
Computation of the variable and fixed cost elements using the high-low method | ||
Particulars | Miles | Total Cost |
Miles are high in the month of March | 8,490 | $ 14,875 |
Miles are Low in the month of February | 7,485 | $ 13,468 |
Computation of Variable cost per Unit | ||
Variable cost per Unit = Difference in total costs/Difference in Miles | ||
Variable cost per Unit = 14,875-13468 /8490-7485 | ||
Variable cost per Unit = 1407/1005 | ||
Variable cost per Mile =$ 1.40 | ||
Computation of Fixed cost | ||
Total Cost = Variable cost + Fixed Cost | ||
Total Cost = 8490*1.40 + Fixed Cost | ||
$ 14,875 = 11,886 + Fixed Cost | ||
Fixed Costs = 14,875-11,886 | ||
Fixed Costs =$ 2,989 |
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