Question: Refer to the Sandy's Socks data in M5-11. Using the high-low method, calculate the total fixed cost per month and the variable cost per sock.

Refer to the Sandy's Socks data in M5-11. Using the high-low method, calculate the total fixed cost per month and the variable cost per sock. How does the estimate of fixed cost compare to what you estimated inM5-11?

Number of Socks Produced Month Total Cost 8,000 4,500 7,000 8,600 3,750 6,000 3,000 5,000 $7,000 5,000 6,250 7,750 5,000 6,250 4,250 5,750 January February March April ay June July August

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