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Problem
Joyce Murphy runs a courier service in downtown Seattle. She charges clients $0.64 per mile driven. Joyce has determined that if she drives 2,750 miles in a month, her total operating cost is $875. If she drives 3,850 miles in a month, her total operating cost is $1,139.
Required:
1. Using the high-low method, determine Joyce's variable and fixed operating cost components. (Round your cost per unit answer to 2 decimal places.)
2. Complete the contribution margin income statement for Joyce's service assuming she drove 1,950 miles last month. (Assume this falls within the relevant range of operations).
Compute the predetermined overhead rate and prepare the entry to apply the overhead for the year.
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