The purpose of creating a cost formula is to provide: a. a quantitative estimate of both total fixed costs and the variable cost per unit of the cost drivers. b. a qualitative estimate of only the variable cost per unit of the cost drivers c. a quantitative estimate of only the total fixed costs of the cost drivers. d. a qualitative estimate of both total fixed costs and the variable cost per unit of the cost drivers. Turquoise Company manufactures travel bags. The high output occurred in May, with 1,200 units produced at a total cost of $8,800. The low output was in January, with 600 units produced at a total cost of $3,200. Determine the variable rate by using the high and low points a. $5.33 b. $4.67 c. $9.33 d. $7.33 Which of the following is the expression for the total cost equation? a. Total Cost = Total Fixed Cost + (Variable Rate * Units of Output) b. Total Cost = Total Fixed Cost + (Fixed Rate