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Mastery Problem: Cost-Volume-Profit Analysis Cost Behavior complete requirements (1) and (2) that follow. 1. Determine whether the costs in the table are variable, fixed, mixed, or none of these. 1. Determine whether the costs in the table are varia High-Low six months of the year. After reviewing the data, answer questions (1) through (3) that follow. x Number of Units Produced) + Fixed Cost. Comolete the followina table. 3. Why does the total cost computed for 4,360 units not match the data for January? a. The high-low method is accurate only for months in which production is at full capacity. b. The high-low method only gives accurate data when fixed costs are zero. c. The high-low method gives a formula for the estimated total cost and may not match levels of production other than the highest and lowest. d. The high-low method gives accurate data only for levels of production outside the relevant range. Contribution Margin provided on the income statements. Each company sold 76,800 units during the year. Administrative expen: Contribution margin Fixed costs: Income Statement - Biblio Files Biblio Files Company Contribution Margin Income Statement For the Year Ended December 31, 20Y8 Sales For the Year Fnded December 31, 20Y8 $384,000 Variable costs: Fixed costs: Manufacturing expense $78,000 Collinn exnence R Biblio Files Company is making plans for its next fiscal year, and decides to sell two new types of bookshelves, Basic and Deluxe. The company has compiled the following estimat product offerings. The company is interested in determining how many of each type of bookshelf would have to be sold in order to break even. If we think of the Basic and Deluxe products as co overall enterprise product called "Combined," the unit contribution margin for the Combined product would be $2.31. Fixed costs for the upcoming year are estimated at $330, thals of all the sales mix percents must be 100%. Determine the amounts to complete the following table. Answer questions (1) - (3) that follow, assuming that all data for the coming year is the same as the current year, except for the amount of sales. 1. If Cover-to-Cover Company wants to increase its profit by $40,000 in the coming year, what must their amount of sales be? 2. If Biblio Files Company wants to increase its profit by $40,000 in the coming year, what must their amount of sales be? 3. What would explain the difference between your answers for (1) and (2) ? a. Biblio Files Company has a higher contribution margin ratio, and so more of each sales dollar is available to cover fixed costs and provide operating income. b. Cover-to-Cover Company's contribution margin ratio is lower, meaning that it's more efficient in its operations. c. The companies have goals that are not in the relevant range. d. The answers are not different; each company has the same required sales amount for the coning year to achieve the desired target profit