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You are the senior partner of a law firm in the Coquitlam area. You note...

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Question

Accounting

You are the senior partner of a law firm in the Coquitlam area. You note over the year there maybe a relationship between the number of hours billed to clients and the fees collected from the clients. You plan to use the High-Low method. (6)

Month

Fees Collected

Hours Billed

1

$400,000

4,000

2

340,000

3,000

3

435,000

5,000

4

477,000

6,000

5

587,000

8,000

6

529,000

7,000

  1. Calculate the variable cost (1)
  2. Calculate the fixed cost (1)
  3. Determine the cost function (2)
  4. Assume in the next month you are going to bill 5,500 hours. What are the expected fees to be collected? (2)

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