Exercise 2-9

Crane, Inc., has collected the following information on its cost of electricity:

Machine HoursTotal Electricity CostsJanuary500$230February540$280March340$190April430$200May640$260June690$330July300$160August500$250September220$100October730$320November820$340December600$300

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Using the high-low method, compute the variable cost of electricity per machine hour.(Round unit cost to 2 decimal places, e.g. 52.75.)

Variable cost$per machine hour

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Compute the total fixed cost of electricity.(Round answer to 2 decimal places, e.g. 52.75.)

Fixed cost$

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Represent the electricity cost function in equation form.(Round answers to 2 decimal places, e.g. 52.75.)

Total cost =$

MH+$

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What is the expected electricity cost when 730 machine hours are used?(Round answer to 2 decimal places, e.g. 52.75.)

Total cost$

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