Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Refer to the table below. Assume that the company involved now finds that the learning rate is 78 percent. The 78 percent learning rate coefficient

Refer to the table below. Assume that the company involved now finds that the learning rate is 78 percent. The 78 percent learning rate coefficient is -0.358454; that is b = -0.358454 in the formula Y = aXb.

Required:

Using the formula, Y = aXb, compute the labor time and costs for 5, 6, and 7 units. (Round your intermediate calculations (except for coefficient) and final answers to 2 decimal places.)

Unit Produced (X) Labor Time Required to Produce the Xth Unit (i.e., the last single unit produced)1 (Y) Cumulative Total Time in Labor- Hours(2) Total Cost(3) Average Cost per Unit(4)
1 100.00 100.00 $5,000.00 $5,000.00
2 78.00 178.00 8,900.00 4,450.00
3 67.45 245.45 12,272.44 4,090.81
4 60.84 306.29 15,314.44 3,828.61
5
6
7
8 47.46 512.30 25,614.95 3,201.87

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image_2

Step: 3

blur-text-image_3

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Financial Accounting

Authors: Robert Kemp, Jeffrey Waybright

2nd edition

978-0132771801, 9780132771580, 132771802, 132771586, 978-0133052152

More Books

Students also viewed these Accounting questions