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High-Low Method Information about Indiana lndustrial's utility cost for the last six months of the current year follows. The high-low method will be used to develop a cost formula to predict next year's utility charges, and the number of machine hours has been found to be an appropriate cost driver. Data for the rst half of the year are not being considered because the utility company imposed a significant rate change as ofJuIy 1. Month Machine Hours Utility Cost July 47,250 $18,200 August l 47,600 l 17,080 September l 46,410 l 15,456 October l 44,800 l 16,744 November l 43,750 l 16,100 December l 43,400 l 16,408 a. What is the cost formula for utility expense? Total cost = 39' 0 ;+ 35' 0 'MH b. What is the budgeted utility cost for September of the following year if 43,750 machine hours are projected? Budgeted utility cost l $ 0 Production cost; absorption vs. variable costing In its first year of business, Ollie's Olive Oil produced 187,200 quarts of olive oil. During its first year, the company sold 180,000 quarts of olive oil. Costs incurred during the year were as follows: Ingredients used $411,840 Direct labor 187,200 Variable overhead 355,680 Fixed overhead 177,840 Variable selling expenses 90,000 Fixed selling and administrative expenses 36,000 Total actual costs $1,258,560 a. 1. What was the actual production cost per quart under variable costing? $ 0 2. What was the actual production cost per quart under absorption costing? $ 0 b. What was variable cost of goods sold for the year under variable costing? $ 0 c. What was cost of goods sold for the year under absorption costing? $ 0 d. 1. What was the value of ending inventory under variable costing? $ 0 2. What was the value of ending inventory under absorption costing? $ 0 e. 1. How much fixed overhead was charged to expense for the year under variable costing? $ 0 2. How much fixed overhead was charged to expense for the year under absorption costing? $ 0