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Cost Behavior Cover-to-Cover Company is a manufacturer of shelving for books. The company has compiled the followin: cost data, and wants your help in determining the cost behavior. After reviewing the data, complete requirements (1) and (2) that follow. 1. Determine whether the costs in the table are variable, fixed, mixed, or none of these. 2. For each cost, determine the fixed portion of the cost, and the per-unit variable cost, If there is no amount or an amount is zero, enter " 0 ". Recall that, for N= Number of Units Produced, Total Costs = (Variable Cost Per Unit N ) + Fixed Cost. Complete the following table with your answers. Round variable portion of cost (per unit) answers to two decimal places. 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 Review the contribution mardin income statements for Cover-to-Cover Company and Biblio Files Company on their respective Income Statements. Complete the following table from the data provided on the income statements. Each company sold 84,800 units during the year. Income Statement - Cover-to-Cover 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 estimates for the new 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 Easic and Deluxe preducts as components of one overail enterprise pioduct called-combined, the unit contribution marpin for the Comblned product would be $2.31. Fixed costs for the upcoming vear are cstimated at 5328.020. Recall that the totals of all the sales mis percents er again to the income statements for Cover-to-Cover Company and Biblio Files Company on their pective Income Statement. Note that both companies have the same sales and net income. Answer estions (1) - (3) that follow, assuming that all data for the coming year is the same as the current year, cept for the amount of sales. - If Cover-to-Cover Company wants to increase its profit by $40,000 in the coming year, what must their mount 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 fower, 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 coming vear to achleve the desireo target profit. Cost Behavior Cover-to-Cover Company is a manufacturer of shelving for books. The company has compiled the followin: cost data, and wants your help in determining the cost behavior. After reviewing the data, complete requirements (1) and (2) that follow. 1. Determine whether the costs in the table are variable, fixed, mixed, or none of these. 2. For each cost, determine the fixed portion of the cost, and the per-unit variable cost. If there is no amount or an amount is zero, enter "0". Recall that, for N= Number of Units Produced, Total Costs = (Variable Cost Per Unit X N) + Fixed Cost. Complete the following table with your answers. Round variable portion of cost (per unit) answers to two decimal places. 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 productior 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 Review the contribution margin income statements for Cover-to-Cover Company and Biblio Files Company on their respective Income Statements. Complete the following table from the data provided on the income statements. Each company sold 84,800 units during the year. Income Statement - Cover-to-Cover 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 estimates for the new 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 components of one overall enterprise product called "combined, "the unit contibution margin for the combined product would be 52.31. Fixed costs for the upcoming vear are estimated at $328.020. Recall that the totals of all the sutes mis percents ag ain to the income statements for Cover-to-Cover Company and Biblio Files Company on their pective Income Statement. Note that both companies have the same sales and net income. Answer estions (1) - (3) that follow, assuming that all data for the coming year is the same as the current year, cept for the amount of sales. . If Cover-to-Cover Company wants to increase its profit by $40,000 in the coming year, what must their mount 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 00als that are not in the relevant range. d. The answers are not different; each compary has the sampe required sales amount for the coming year to achieve the desired target profit