Using High-Low to Calculate Predicted Total Variable Cost and Total Cost for Budgeted Output
Pizza Vesuvio makes specialty pizzas. Data for the past eight months were collected:
Month
Labor Cost
Employee Hours
January
$7,000
390
February
$8,140
580
March
$9,899
690
April
$9,787
640
May
$8,490
510
June
$7,450
380
July
$9,490
600
August
$7,531
340
Assume that this information was used to construct the following formula for monthly labor cost.
Total Labor Cost = $5229 + ($6.77 x Employee Hours)
Required:
Assume that 675 employee hours are budgeted for the month of September. Use the total labor cost formula for the following calculations:
1. Calculate total variable labor cost for September. Round your answer to nearest whole number.
$
2. Calculate total labor cost for September. Round your answer to nearest whole number.
$
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