Knowledge Check 01 Month Tickets Sold Cost March 1,500 $ 10,000 April 2,000 $ 15,000 May 3,500 $ 19,000 June 2,500 $ 17,000 July 4,000 $ 22,000 The Movie Company has been in business for 5 months and wants to estimate its variable cost of tickets sold. Using the data from this chart and the high-low method, what is the variable cost for the Movie Company

Variable cost per unit= $24

Explanation:

Giving the following information:

Month Tickets Sold Cost

March 1,500 $ 10,000

April 2,000 $ 15,000

May 3,500 $ 19,000

June 2,500 $ 17,000

July 4,000 $ 22,000

To calculate the variable cost, we need to use the following formula:

Variable cost per unit= (Highest activity cost - Lowest activity cost)/ (Highest activity units - Lowest activity units)

Variable cost per unit= (22,000 - 10,000) / (4,000 - 3,500)

Variable cost per unit= $24

explanation: doctrine of respondeat superior is a legal doctrine that is commonly used in tort. this principle makes an employer or principal legally responsible for the wrongful acts done by an employee or agent, if such acts occur within the scope of the employment or agency.