The method of least squares was used to develop a cost equation to predict the cost of receiving purchased parts at a video game manufacturer. Ninety-six data points from monthly data were used for the regression. The following computer output was received: 

Intercept ...............................        147,400
Slope ......................................              210

The cost driver used was number of parts inspected.

Required:

1. What is the cost formula for a year?

2. Using the cost formula from Requirement 1, predict the cost of parts inspection for a year in which 70,000 parts are inspected

3. Using the cost formula, predict the cost of receiving for a month in which 6,800 parts are inspected.