Determine the monthly cost function

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Question - The controller of SUREDEAD Hospital would like to come up with a cost formula that links Admitting Department cost to the number of patients admitted during a month. The Admission Department's costs and the number of patients admitted during the past nine months follow:

Month

Number of Patients

Admission Department's Cost

April

18

P15,600

May

19

P15,200

June

17

P13,700

July

15

P14,600

August

15

P14,300

September

11

P13,200

October

11

P12,800

November

48

P72,500

December

16

P14,000

REQUIRED - Using the high-low method, determine the admission department's:

1. Variable cost per unit

2. Total annual fixed costs

3. Monthly cost function

4. Estimated cost assuming 12 patients will be admitted next month.

Reference no: EM132833367

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