Shown on the following page is a regression diagram prepared by an internal auditor setting forth the
Question:
Shown on the following page is a regression diagram prepared by an internal auditor setting forth the line of best fit for overhead and wages.
The line of best fit in this diagram is described by the formula y = a + bx.
Required:
a. What is the slope of the line of best fit in numeric terms?
b. When wages amount to $176,251, how much is the estimated overhead (rounded to the nearest dollar)?
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Related Book For
Internal Auditing: Principles And Techniques
ISBN: 9780894131677
1st Edition
Authors: Richard L. Ratliff, W. Wallace, Walter B. Mcfarland, J. Loeboecke
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