Answered step by step
Verified Expert Solution
Question
1 Approved Answer
Total costs at a restaurant are listed below: Total Cost March April May June July August September October November Customers Served 11,667 11,463 11,995 14,000
Total costs at a restaurant are listed below: Total Cost March April May June July August September October November Customers Served 11,667 11,463 11,995 14,000 11,727 11, 213 12,007 11,698 11,846 $ 28, 349 $ 28, 298 $28,431 $ 28,932 $ 28,364 $ 28,235 $28,434 $ 28,357 $ 28,394 The restaurant's total cost is a mixed cost that depends on customers served. The restaurant's management uses the high- low method to estimate the variable and fixed components of this cost. If the management believes that the restaurant will be able to serve 16,000 customers in December, the restaurant's estimated total cost for December is closest to: (Round your intermediate calculations to 2 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