Question: Using High-Low to Calculate Predicted Total Variable Cost and Total Cost for a Time Period that Differs from the Data Period Pizza Vesuvio makes specialty pizzas. Data for the past eight months were collected:
|
Month
|
Labor Cost
|
Employee Hours
|
|
January
|
$7,100
|
390
|
|
February
|
8,240
|
580
|
|
March
|
9,999
|
700
|
|
April
|
9,887
|
640
|
|
May
|
8,590
|
510
|
|
June
|
7,550
|
380
|
|
July
|
9,590
|
600
|
|
August
|
7,631
|
340
|
Assume that this information was used to construct the following formula for monthly labor cost.
Total Labor Cost = $5394 + ($6.58 X Employee Hours)
Required: Assume that 4,200 employee hours are budgeted for the coming year. Use the total labor cost formula to make the following calculations:
1. Calculate total variable labor cost for the coming year.
2. Calculate total fixed labor cost for the coming year.
3. Calculate total labor cost for the coming year.
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