Question: please answer all questions Mickey owns a machine shop. In reviewing the shop's utility bills for the past 12 months, he found that the highest

 please answer all questions Mickey owns a machine shop. In reviewingthe shop's utility bills for the past 12 months, he found thatthe highest bill of $2,700 occurred in August when the machines worked1,300 machine hours. The lowest utility bill of $2,500 occurred in December
please answer all questions
when the machines worked 800 machine hours. Read the requirements. Requirement 1.
Use the high-low method to calculate the variable cost per machine hour
and the total fixed utility cost. First, calculate the variable cost per
machine hour. Select the formula labels, then enter the amounts and compute

Mickey owns a machine shop. In reviewing the shop's utility bills for the past 12 months, he found that the highest bill of $2,700 occurred in August when the machines worked 1,300 machine hours. The lowest utility bill of $2,500 occurred in December when the machines worked 800 machine hours. Read the requirements. Requirement 1. Use the high-low method to calculate the variable cost per machine hour and the total fixed utility cost. First, calculate the variable cost per machine hour. Select the formula labels, then enter the amounts and compute the variable cost per machine hour. (Use the high-low method. Round your answer to the nearest cent.) Calculate the total fixed cost. Select the formula labels, then enter the amounts and compute the total fixed cost. (Use the highest point.) Requirements 1. Use the high-low method to calculate the variable cost per machine hour and the total fixed utility cost. 2. Show the equation for determining the total utility cost for the machine shop. 3. If Mickey anticipates using 1,200 machine hours in January, predict the shop's total utility bill using the equation from Requirement 2 . Garver Company sells a product for $75 per unit. Variable costs are $45 per unit, and fixed costs are $2,300 per month. The company expects to sell 540 units in September. Calculate the contribution margin per unit, in total, and as a ratio. Calculate the contribution margin per unit. Select the formula labels and then enter the amounts to compute the contribution margin per unit. Ice Company sells a product with a contribution margin ratio of 30%. Fixed costs are $1,179 per month. What amount of sales (in dollars) must lce Company have to break even? If each unit sells for $30, how many units must be sold to break even? Begin by showing the formula and then entering the amounts to calculate the sales in dollars lce must have to break even. (Abbreviation used: CM= contribution margin. Complete all input fields. Enter a "0" for items with a zero value.)

Step by Step Solution

There are 3 Steps involved in it

1 Expert Approved Answer
Step: 1 Unlock blur-text-image
Question Has Been Solved by an Expert!

Get step-by-step solutions from verified subject matter experts

Step: 2 Unlock
Step: 3 Unlock

Students Have Also Explored These Related Accounting Questions!