Solution-Define the terms mixed costs and fixed costs

Define the terms mixed costs and fixed costs

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Reference no: EM13521265

King Company manufactures a single product. Annual production costs incurred in the manufacturing process are shown below for two levels of production.

	Costs Incurred
Production in Units	5,000		10,000
Production Costs	Total Cost	Cost/ Unit	Total Cost	Cost/ Unit
Direct materials	$8,250	$1.65	$16,500	$1.65
Direct labor	9,500	1.90	19,000	1.90
Utilities	1,500	0.30	2,500	0.25
Rent	4,000	0.80	4,000	0.40
Maintenance	800	0.16	1,100	0.11
Supervisory salaries	1,000	0.20	1,000	0.10

Instructions

(a) Define the terms variable costs, fixed costs, and mixed costs.

(b) Classify each cost above as either variable, fixed, or mixed.

Reference no: EM13521265

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Define the terms mixed costs and fixed costs

Reference no: EM13521265

Reference no: EM13521265

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