Compute the variable & fixed-cost elements using the high-low method.
Bruno Company accumulates the following data concerning a mixed cost, using miles as the activity level.
Miles driven
Total Cost
Miles driven
Total Cost
January
8,000
$14,150
March
8,500
$15,000
February
7,500
13,500
April
8,200
14,490
Compute the variable- and fixed-cost elements using the high-low method.