a) Use these data to develop an estimated regression equation that could be used to predict the total cost for a given production volume. (Round your numerical values to two decimal places.)

b) What is the variable cost (in dollars) per unit produced?

c) Compute the coefficient of determination?

What percentage of the variation in total cost can be explained by production volume? (Round your answer to one decimal place.)

d) The company's production schedule shows 650 units must be produced next month. Predict the total cost (in dollars) for this operation. (Round your answer to the nearest cent.)

A important application of regression analysis in accounting is in the estimation of cost. By cellecting data on volume and cost and using the least squares method develop an estimated reoression equation relating volume and cost, an accountant can estimate the cost associated with a particular manufacturing volume. omider the following sample of production volumes and total cost datin for a manufacturing operation