Question : 41. George’s Ice Cream Shop believes most of its utilities costs : 1291700

 

41. George’s Ice Cream Shop believes most of its utilities costs are mixed. George has collected the following data on gallons of ice cream used and related utilities costs for the past six months: 

 

Number ofgallons used

Utilities cost

May

20

$   700

June

30

     850

July

40

  1,100

August

30

     975

September

25

     900

October

22

     720

 

 

 

George has run a regression analysis on the above information and has come up with the following data: 

 

Coefficients

Intercept

329.5047923

X Variable 1

19.5686901

 

 

Using regression analysis, which of the following formulas would be the best predictor of total estimated mixed costs? A. Y = $300 + $20xB. Y = $329.50 + $19.57xC. Y = $900 + $30xD. Y = $19.56 + $329.50x

 

42. Hill Top Products has run a regression analysis for utilities costs and the total production for the past six months. The regression analysis shows an R square (R2) of .86. Which of the following statements best describes the meaning of R2? A. 86 percent of the company’s total costs are utilities costs.B. 14 percent of the variation in utilities costs is explained by the increase or decrease in production.C. 86 percent of the variation in utilities costs is explained by the increase or decrease in production.D. 86 percent of the company’s total costs are fixed costs and the remaining 14 percent are variable costs.

 

43. In regression analysis, an R square (R2) of 1.0 would indicate: A. that 1 percent of the data points are on the regression line.B. that 1 percent of the total mixed costs can be attributable to fixed costs.C. that 1 percent of the total mixed costs can be attributable to variable costs.D. that there is a perfect correlation between the independent and dependent variables.

 

44. The high/low method: A. considers only the highest and lowest costs for a given time period.B. is superior to regression analysis.C. considers all data points available.D. uses the data points for only the high and low levels of activity.

 

45. When using the high/low method, the change in cost divided by the change in volume is: A. the fixed cost per unit.B. the mixed cost per unit.C. the variable cost per unit.D. the total cost per unit.

 

46. Cool CreamsCool Creams provided the following data for number of ice creams produced and its total overhead costs for past five months: 

 

Number of ice creams

Total overhead costs

January

14,000

$64,500

February

25,000

114,000

March

  6,000

   28,500

April

23,000

105,000

May

27,000

123,000

 

 

 

Refer to the information provided for Cool Creams. Using the high/low method, what is the variable cost per unit? A. $4.50B. $5.50C. $4.75D. $4.32

 

47. Cool CreamsCool Creams provided the following data for number of ice creams produced and its total overhead costs for past five months: 

 

Number of ice creams

Total overhead costs

January

14,000

$64,500

February

25,000

114,000

March

  6,000

   28,500

April

23,000

105,000

May

27,000

123,000

 

 

 

Refer to the information provided for Cool Creams. Using the high/low method, what is the overhead cost equation? A. Y = $6,000 + $4.75xB. Y = $1,500 + $4.50xC. Y = $7,630 + $4.32xD. Y = $1,500 + $4.32x

 

48. Cardinal CleanersCardinal Cleaners documented the gallons of cleaning solvent it used as well as total overhead costs for the past five months as follows: 

 

Number of gallons

Total overhead costs

July

160

$6,500

August

150

  6,100

September

155

  6,700

October

175

  7,000

November

170

  6,800

 

 

 

Refer to the Cardinal Cleaners information above. Using the high/low method, what is the variable cost per unit? A. $25.00B. $0.03C. $900.00D. $36.00

 

49. Cardinal CleanersCardinal Cleaners documented the gallons of cleaning solvent it used as well as total overhead costs for the past five months as follows: 

 

Number of gallons

Total overhead costs

July

160

$6,500

August

150

  6,100

September

155

  6,700

October

175

  7,000

November

170

  6,800

 

 

 

Refer to the Cardinal Cleaners information above. Using the high/low method, what is equation to predict total overhead costs? A. Y = $700 + $36xB. Y = $900 + $25xC. Y = $175 + $41xD. Y = $100 + $40x

 

50. Cardinal CleanersCardinal Cleaners documented the gallons of cleaning solvent it used as well as total overhead costs for the past five months as follows: 

 

Number of gallons

Total overhead costs

July

160

$6,500

August

150

  6,100

September

155

  6,700

October

175

  7,000

November

170

  6,800

 

 

 

Refer to the Cardinal Cleaners information above. Cardinal uses the high/low method to predict total overhead costs. If Cardinal anticipates using 162 gallons of solvent in December, what are expected total overhead costs? A. $6,500B. $6,532C. $5,832D. $700

 

 

 

 

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