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Homework answers / question archive / Riley Corporation's income statements for the last two years are presented below

Riley Corporation's income statements for the last two years are presented below

Accounting

Riley Corporation's income statements for the last two years are presented below. Riley manufactured 7,500 and 10,500 school desks in 2020 and 2019, respectively and had no beginning or ending inventories. 
2020  2019  Sales 53,750,000 55,250,000 Cost of Goods Sold 258,000 332,850 Gross profit 3,492,000 4,917,185 Operating expenses 2,095,200 2,278,695 Net profit 51396,800 52,638,490 
Instructions 
a) Estimate the company's total variable cost per unit and its total fixed costs per year using the high-low method. 5 marks b) What is the equation of the line using the high-low method? 2 marks NOTE- You are to complete the questions above on appropriate separate document(s). Acceptable formats include: word document, excel documents, documents written by hand (scanned and uploaded as a pdf or jpeg file), or any template you have access to that fulfils the question requirements. You will then upload this or 'drag and drop' the file(s) into the upload box at the bottom of this question box. 

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