23 Feb Question 1You have been asked to predict the firs
Question 1You have been asked to predict the first quarter of cost for water and sewage based on the past 12 months of activity as listed below. You know that the water and sewage cost is both fixed and variable each month. Using the High Low Method to seperate variable and fixed costs, answer the questions below:MonthGallons UsedCostJanuary 2,500 775.0February 2,200 754.0March 2,100 747.0April 2,100 726.0May 2,600 782.0June 2,700 789.0July 2,900 803.0August 3,100 817.0September 2,800 796.0October 2,500 775.0November 2,200 754.0December 2,000 740.0Using the High-Low method, calculate the variable cost per gallon of water used.A..09B..07C..10D..0510 points Question 2Based on the information above, calculate the fixed cost each month.$600.00$250.10$500.10$400,8910 points Question 3If you project that you will use 2,650 galllons of water in the month of January, estimate the total variable cost for the month of January.A.$190.00B.$185.50C.$1,890.21D.$2,900.3010 points Question 4If you project that you will use 2,650 galllons of water in the month of January, estimate the fixed cost for the month of January.A.$500.00B.$200.00C.$600.00D.$450.0010 points Question 5If you project that you will use 2,650 galllons of water in the month of January, estimate the total water and sewage cost for the month of January.A.$710.30B.$685.00C.$785.50D.$710.2410 points Question 6Costs arising from the possession of facilities, equipment and a basic organizational structure are ________.capacity costsdiscretionary costscommitted fixed costsengineered costs10 points Question 7Due to the economic downturn, a company has reduced charitable donations to community groups. This is an example of a ________.variable costcommitted fixed costcapacity costdiscretionary fixed cost10 points Question 8If a company eliminates all discretionary costs due to a severe recession, this could ________.ensure that the company reports a net lossensure that the company reports a net profitreestablish a company’s competitive position in an industryimpair a company’s competitive position in an industry10 points Question 9In a corporate setting, property taxes are an example of a(n) ________.mixed costcommitted fixed costdiscretionary fixed costengineering cost10 points Question 10Which statement regarding fixed costs is TRUE?Discretionary fixed costs preserve management’s flexibility.Committed fixed costs preserve management’s flexibility.Both discretionary and committed fixed costs preserve management’s flexibility.Discretionary fixed costs limit management’s flexibility.
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