Business, 02.07.2021 05:00 simbamillions6899

Using the high-low method and the Millco data above, what is the approximate fixed cost component of the monthly maintenance costs? Group of answer choices

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Millco Inc. manufactures electronic parts They are analyzing their monthly maintenance costs to determine the best way to budget these costs in the future. They have collected the following data for the last six months:

Months Machine Hours Maintenance Costs

January 30,000 $67,500

February 40,000 74,500

March 37,500 65,900

April 39,000 68,750

May 42,300 74,000

June 35,000 64,500

Millco Inc.

The approximate fixed cost component of the monthly maintenance costs is:

$51,600.

Explanation:

a) Data and Calculations:

Months Machine Hours Maintenance Costs

January 30,000 $67,500

February 40,000 74,500

March 37,500 65,900

April 39,000 68,750

May 42,300 74,000

June 35,000 64,500

High-low:

May 42,300 $74,000 for highest

January 30,000 67,500 for lowest

Difference 12,300 $6,500

Variable costs = $0.53 ($6,500/12,300)

Using May, the total variable cost = 42,300 * $0.53 = $22,419

Fixed cost = $51,581 ($74,000 - $22,419)

or approximately $51,600

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Answer from: Quest

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Using the high-low method and the Millco data above, what is the approximate fixed cost component of...