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The controller of Joy Co has requested a quick estimate of the manufacturing supplies needed for July when production is expected to be 470,000 units.Below are actual data from the prior three months of operations:
Using these data and the high-low method,what is the best estimate of the cost of manufacturing supplies that would be needed for July? (Assume that this activity is within the relevant range. )
Liability
The state of being responsible for something, especially in terms of legal or financial obligations that may arise from actions or transactions.
Discharged
Released from liability for a negotiable instrument.
Negotiable Instrument
A written, transferable document signed by the maker or drawer, containing an unconditional promise or order to pay a specified amount of money on demand or at a set time.
Material Alteration
A significant change or modification to a document or item that changes its legal effectiveness or meaning.
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