Question
The following four months of data were collected on utility cost and the number of labor hours in a factory. Month Utility cost Labor hours
The following four months of data were collected on utility cost and the number of labor hours in a factory.
| Month | Utility cost | Labor hours |
| January | $68,200 | 1,800 |
| February | 61,650 | 1,440 |
| March | 69,400 | 1,860 |
| April | 58,750 | 1,150 |
Using the high-low method, compute the variable rate for the utility cost. Please round to two decimal places.
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started
Accounting An Introduction
Authors: Eddie McLaney, Peter Atrill
3rd Edition
0273688227, 978-0273688228
