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Methods of Estimating Costs: High-Low
Adriana Corporation manufactures football equipment. In planning for next year, the managers want to understand the relation between activity and overhead costs. Discussions with the plant supervisor suggest that overhead seems to vary with labor-hours, machine-hours, or both. The following data were collected from last year's operations:
Month
Labor-Hours
Machine-Hours
Overhead Costs
1
3,625
6,775
$513,435
2
3,575
7,035
518,960
3
3,400
7,600
549,575
4
3,700
7,265
541,400
5
3,900
7,955
581,145
6
3,775
7,895
572,320
7
6,950
535,110
8
6,530
510,470
9
3,550
7,270
532,195
10
3,975
7,725
565,335
11
3,375
6,490
503,775
12
8,020
564,210
Required
a. Use the high-low method to estimate the fixed and variable portions of overhead costs based on machine-hours.
b. Managers expect the plant to operate at a monthly average of 7,500 machine-hours next year. What are the estimated monthly overhead costs, assuming no inflation?
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