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Homework answers / question archive / Joseph Jackson is a highly successful business man and scientist who sells a long-lasting formula for wood paint sold in hardware stores

Joseph Jackson is a highly successful business man and scientist who sells a long-lasting formula for wood paint sold in hardware stores

Accounting

Joseph Jackson is a highly successful business man and scientist who sells a long-lasting formula for wood paint sold in hardware stores. Because of a more cost conscious market, he finds the demand for his long-lasting paint formula is relatively uniform throughout the year. The recently hired controller for the business is about to apply the high-low method in estimating the company's energy cost behavior. The following costs were incurred during the past 12 months: Month January February March April May June July August September October November December Gallons of Paint Produced 140,000 gallons 84,000 gallons 88,000 gallons 96,000 gallons 120,000 gallons 128,000 gallons 160,000 gallons 120,000 gallons 120,000 gallons 112,000 gallons 164,000 gallons 156.000 gallons Energy Cost $93,600 $86,400 $87,000 $88,200 $91,600 $95,400 $112.000 $91,200 $92,000 $90,800 $99,200 $99,800 Required 1. Use the high-low method to estimate the company's energy cost behavior and express it in equation form. Calculate the variable cost/unit and fixed costs. Show work Predict the energy cost for a month in which 104,000 gallons of paint are produced. Show work by showing the equation you would use to predict the costs. 2.

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