Thompson Enterprises Owns Two Luxury Automobiles That Are Used by Employees

question 8

Essay

Thompson Enterprises owns two luxury automobiles that are used by employees on company business.Mileage and expenses,excluding depreciation,by quarters for the most recent year are presented below:

Quarter	Mileage	Expenses
First	3,000	$ 550
Second	3,500	560
Third	2,000	600
Fourth	3,500	$2,160

                12,000Required:Determine the variable cost per mile (nearest tenth of a cent)and the fixed costs per quarter,using the method of least squares.

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