The controller of Ivanhoe Production has collected the following monthly expense data for analyzing the...
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The controller of Ivanhoe Production has collected the following monthly expense data for analyzing the cost behavior of electricity costs. Total Machine Hours 270 390 500 690 Total Electricity Costs $2,300 2,920 3,500 4,780 3,230 4,920 4,010 3,870 5,050 4,260 450 January February March April May June July August September October November 790 625 530 665 625 3,220 390 December 6,080 810 (a) Determine the fixed- and variable-cost components using the high-low method. Fixed-costs $ 410 Variable-costs $ 5670
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