Question: X Company has the following data from 2015 and 2016:
|
2015 |
2016 |
| Total costs |
$255,500 |
$398,500 |
| Units produced |
31,000 |
53,000 |
Expected production in 2017 is 43,500 units. Using the high-low method with the 2015 and 2016 data to determine the parameters of the cost function, what are estimated total costs in 2017 [round intermediate unit costs to the nearest cent]?