0 Assignment Question for Chapter 3: PROBLEM 3-14 High-Low Method; Scattergraph Analysis [LO2] Travis Metals heats copper ingots to a high temperature by placing them in a large oven. The heated ingots are then run through a shaping machine that forms them into wire. Due to the length of time it takes the oven to heat up, it is never turned off. When the ingots are placed in the oven the temperature is raised to a higher level. Once they are done being heated the oven temperature is turned back down until a new batch of ingots is ready to be heated. The following information shows the ingots processed and the power costs over the past 10 months. Meath January February March April May June July August September October Ingots 110 90 30 100 130 120 70 60 50 40 Power Cont $ 5,500 $4,500 $4,400 $5,000 $6,000 $ 5,600 $ 4,000 $3,200 $3,400 $2,400 2. Using the high-low method, estimate a cost formula for power costs. Express the formula in the form Y-a-bX 3. Predict total power costs in a month when 140 ingots are processed. Page 12 Required: 1. Using Microsoft Excel, prepare a scattergraph by plotting ingots processed and power costs on a graph. Use the Add Trendline feature in Excel to plot a line through the points of the graph. Do power costs appear to be related to the number of ingots processed in a month? Explain