The Following Data Has Been Assembled for Robert Company The Cost Function Is ________ Where Y = Total Cost

question 128

Multiple Choice

The following data has been assembled for Robert Company.Use the high-low method.
$\begin{array}{lll}\text { Month }&\text { Cost }&\text { Hours: }\\\text { January } & \$ 24,400 & 2,000 \\\text { February } & \$ 39,000 & 2,200 \\\text { March } & \$ 35,280 & 2,750 \\\text { April } & \$ 36,400 & 3,500 \\\text { May } & \$ 40,000 & 4,000\end{array}$
The cost function is ________ where Y = Total cost and X = Number of hours.

• A) Y = $3,600 + $10.40X
• B) Y = $8,800 + $7.80X
• C) Y = $21,360 + $1.52X
• D) Y = $26,672 + $1.84X

Appreciate the role and mechanics of adjusting and closing entries in the accounting cycle.

Identify the characteristics and classification of assets, liabilities, and equity on the balance sheet.

Comprehend the revenue recognition principle and its application in different scenarios.

Understand the significance and process of closing entries in resetting temporary accounts for the new accounting period.

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Definitions:

Full Employment

A situation in an economy where all available labor resources are being used in the most efficient way possible.

Equilibrium Price Level

This is the price point at which the demand for goods matches the supply, stabilizing the economic market without excess surplus or shortage.

Aggregate Demand Curve

Illustrates the total demand for all goods and services in an economy at various price levels, holding all else equal.

Aggregate Supply Curve

A graphical representation showing the relationship between the overall price level in an economy and the quantity of goods and services produced.