Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Sandys Socks makes the worlds best socks. Information for the last eight months follows: Month Number of Socks Produced Total Cost January 3,000 $6,000 February

Sandys Socks makes the worlds best socks. Information for the last eight months follows:

Month Number of Socks Produced Total Cost
January 3,000 $6,000
February 6,320 11,429
March 3,500 6,900
April 5,800 10,050
May 4,250 8,950
June 1,250 2,810
July 2,550 5,200
August 3,900 7,500

Using the high-low method, calculate the total fixed cost per month and the variable cost per sock. (Round your "Variable Cost per Unit" answer to 3 decimal places.)

variable Cost per Unit
Fixed Cost

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

Step: 3

blur-text-image

Ace Your Homework with AI

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

Get Started

Students also viewed these Accounting questions