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Using High-Low to Calculate Predicted Total Variable Cost and Total Cost for a Time Period that Differs from the Data Period Pizza Vesuvio makes specialty pizzas. Data for the past 8 months were collected:
Month Labor Cost Employee Hour
January $6,900 340
February 9,799 530
March 8,040 620
April 9,687 590
May 8,390 460
June 7,431 330
July 9,390 550
August 7,350 290
Assume that this information was used to construct the following formula for monthly labor cost.
Total Labor Cost = $6,744 + ($2.09 X Employee Hours)
Required:
Assume that 4,200 employee hours are budgeted for the coming year. Use the total labor cost formula to make the following calculations:
Question 1. Calculate total variable labor cost for the coming year. Round your answer to the nearest dollar.
Question 2. Calculate total fixed labor cost for the coming year. Round your answer to the nearest dollar.
Question 3. Calculate total labor cost for the coming year. Round your answer to the nearest dollar.
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