only need the answe question 2

Q2 explain three approached used for cost estimation

Question 3 Not yet answered Marked out of 19.00 Question 3 At ABC Ltd. machine hours is the most suitable cost driver for the utility cost. The senior manager of ABC Ltd would like to provide an estimate of the firm's utilities costs using the high-low method. The following costs were incurred during the previous 8 months Month Machine Hours Utilities Cost October 48 120 $33 250 November 62 500 $37 150 December 48 320 $35 025 Flag question January 55 300 $38 250 February 45 800 $34 675 March 32 500 $34 150 April 58 500 $37 425 $43 250 May 60.300 Required: a) Use the high-low method to estimate the following costs of ABC Ltd. L Variable cost per unit of machine hour 11. Total fixed costs b) Explain three approaches used for cost estimation Total 18 marks] 6 marks) [6 marks) 16 marksi 7 1 93 E E