Inspection costs at one of Iuliano Corporation's factories are listed below:
Units produced Inspection cost
February 911 $ 16,812
March 961 $ 17,200
April 917 $ 16,865
May 901 $ 16,710
June 923 $ 16,894
July 908 $ 16,780
August 925 $ 16,932
September 865 $ 16,300
October 904 $ 16,738
Management believes that inspection cost is a mixed cost that depends on units produced.
Using the high-low method, the estimate of the fixed component of inspection cost per month is closest to: (Round the intermediate calculations to two decimal places.)
$16,720.00
$16,301.00
$16,711.00
$8,185.82
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