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Question(s) / Instruction(s):

A law firm would like to develop a method of predicting its total overhead costs in a period, based on the following records for the past two periods: Total overhead costs $120,000 $132,000 Number of billable hours 300 360 Assuming X= billable hours and Y= total overhead costs, the best estimate of the cost formula for the company based on the high-low method is: a) Y = 60,000 + 200X b) Y = 200X - 60,000 c) Y = 12,000 + 60X d) Y = 400 + 60X

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