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96 or 96%. This would be interpreted as high correlation. The other 8% of variations in total costs are assumed to be due to random fluctuations. The correlation between sales of cigars and CD players would be high despite no causal relationship. For example there may be stepped fixed cost such as an additional supervisor that is required at 11,800 units. 63 KAPLAN PUBLISHING 55 Business mathematics 56 KAPLAN PUBLISHING chapter 4 Ordering and accounting for inventory Chapter learning objectives Upon completion of this chapter you will be able to: • describe, for a manufacturing business, the different procedures and documents necessary for the ordering, receiving and issuing of materials from inventory • interpret the entries and balances in the material inventory account for a manufacturing business • describe the control procedures that can be used in a manufacturing business to monitor physical and ‘book’ inventory and to minimise discrepancies and losses.
They are stepped fixed costs). • The high/low method can still be used to estimate fixed andvariable costs. KAPLAN PUBLISHING 27 Types of cost and cost behaviour • Adjustments need to be made for the fixed costs based on the activity level under consideration. Illustration 2 Analysis of costs into fixed and variable elements An organisation has the following total costs at three activity levels: Activity level (units) Total cost 4,000 6,000 7,500 $40,800 $50,000 $54,800 Variable cost per unit is constant within this activity range and there is a step up of 10% in the total fixed costs when the activity level exceeds 5,500 units.
The correlation coefficient is calculated using the following formula: n∑xy ∑x∑y r = –––––––––––––––––––––– √[(n∑x2 (∑x) 2)(n∑y2 (∑y)2) ] Note: This formula is given to you in the exam. Illustration 3 Correlation The following table shows the number of units of a good produced and the total costs incurred. KAPLAN PUBLISHING Units produced Total costs $ 100 40,000 200 45,000 300 50,000 400 65,000 49 Business mathematics 500 70,000 600 70,000 700 80,000 Required: Calculate the correlation coefficient for the data given and comment on the result obtained.