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Managerial Accounting: The Corners...
Solutions
Managerial Accounting: The Corners...
Using Regression to Calculate Fixed Cost, Calculate the Variable Rate, Construct a Cost Formula, and Determine Budgeted Cost
Refer to the information for Pizza Vesuvio on the previous page. Coefficients shown by a regression program for Pizza Vesuvio’s data are:
Required:
Use the results of regression to make the following calculations:
- 1. Calculate the fixed cost of labor and the variable rate per employee hour.
- 2. Construct the cost formula for total labor cost.
- 3. Calculate the budgeted cost for next month, assuming that 675 employee hours are budgeted. (Note: Round answers to the nearest dollar.)
Use the following information for Brief Exercises 3-17 through 3-20:
Pizza Vesuvio makes specialty pizzas. Data for the past 8 months were collected:
1.
Compute the value of labor fixed cost and the variable rate per employee hour.
Cost:
Cost can be defined as the cash and cash equivalent which is incurred against the products or its related services which will benefit the organization in the future. There are two types of costs that are fixed and variable costs.
Fixed cost of labor is $4,517...
2.
Prepare the cost formula for total labor cost.
3.
Compute the value of budgeted labor costs for next month, if 675 employee hours are budgeted.
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