high-low method, method of least squares, correlation,confidence interval

Project Description:

big mike’s, a large hardware store, has gathered data on its overhead activities and associated costs for the past 10 months. nizam sanjay, a member of the controller’s department, believes that overhead activities and costs should be classified into groups that have the same driver. he has decided that unloading incoming goods, counting goods, and inspecting goods can be grouped together as a more general receiving activity, since these three activities are all driven by the number of receiving orders. the 10 months of data shown on page 134 have been gathered for the receiving activity.
required:
1. choose the correct graph. use the vertical axis for costs and the horizontal axis for orders.
2. select two points that make the best fit, and compute a cost formula for receiving costs. round the intercept to the nearest dollar and round the slope to the nearest cent.
3. using the high-low method, prepare a cost formula for the receiving activity. round the intercept to the nearest dollar and round the slope to the nearest cent.
4. using the method of least squares, prepare a cost formula for the receiving activity. round the intercept to the nearest dollar and round the slope to the nearest cent.
what is the coefficient of determination? round to two decimal places.
5. prepare a 95 percent confidence interval for receiving costs when 1,200 receiving orders are expected. (refer to exhibit 3-14). in your computations, round yf and the standard error to the nearest dollar, round t-values to three decimals. enter the final answers rounded to the nearest dollar.
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