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Cardillo Inc., an escrow agent, has provided the following data concerning its office expenses: Management believes that office expense is a mixed cost that depends on the number of escrows completed. Note: Real estate purchases usually involve the services of an escrow agent that holds funds and prepares documents to complete the transaction.
Using the high-low method, the estimate of the variable component of office expense per escrow completed is closest to:
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A precise description that aims to outline the essence of a concept by delineating its necessary and sufficient conditions.
Vague
Lacking in clarity, specificity, or precision, often intentionally or due to insufficient detail.
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