Answered step by step
Verified Expert Solution
Question
1 Approved Answer
Accounting Co. is trying to determine the fixed and variable components of a service provided by an outside technology vendor. The vendor sends one comprehensive
Accounting Co. is trying to determine the fixed and variable components of a service provided by an outside technology vendor. The vendor sends one comprehensive bill at the end of every month. The company notices that the bill fluctuates with the number of hours of service used. It has the following data from the past six months:
| Hours Used | Total Cost |
June | 10643 | $2,836 |
July | 10063 | $2,823 |
August | 10525 | $2,903 |
September | 9,744 | $2,696 |
October | 11180 | $2,945 |
November | 12,355 | $3,162 |
December | 11505 | $2,853 |
Calculate the fixed cost of the company's utility bill..
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started