High-low method of cost estimation
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1. The three most common cost behavior classifications are _________.
variable costs, product costs, and sunk costs
fixed costs, variable costs, and mixed costs
variable costs, period costs, and differential costs
variable costs, sunk costs, and opportunity costs
2. Most operating decisions of management focus on a narrow range of activity called the ________.
relevant range of production
strategic level of production
optimal level of production
tactical operating level of production
3. Ingram Co. manufactures office furniture. During the most productive month of the year, 3,500 desks were manufactured at a total cost of $84,400. In its slowest month, the company made 1,100 desks at a cost of $46,000. Using the high-low method of cost estimation, total fixed costs are ________.
$56,000
$28,400
$17,600
cannot be determined from the data given
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Solution Summary
Response describes the steps to compute the fixed costs by high-low method of cost estimation
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1. The three most common cost behavior classifications are _________.
fixed costs, variable costs, and mixed costs
2. Most operating decisions of management focus on a narrow range ...
Purchase this Solution
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