Determine the cost formula for 6582D Use Excels regression analysis tool to develop a costestimating equation for total fixed and variable manufacturing costs Use the regression tool three times once for indirect materials once for indirect labor and once for other overhead Use the information from each analysis along with the direct cost information to estimate the cost equation HintClick on 95 confidence level box and check the box to add a Line fit plot for each indirect cost element to show the relationship in chart form HintYou may need to change the minimum bound on the horizontal axis to 700 to see the line clearly on each chart b Use the prior year data to create a graph of the various overhead costs by month Create a combo chart as follows HintUnder the Insert tab click on create custom Combo chart 1 The primary vertical axis in dollars and the secondary vertical axis is units of production HintClick the Secondary axis box for units produced 2 The horizontal axis is Months 3 Units produced should be a Clustered column type the overhead cost elements should be Line type 4 Describe the trend in the overhead components based on a review of your chart c Use Excels Goal Seek tool to determine the sales price required to meet the 7500 gross profit goal Management believes monthly sale in units will average 1500 next year Assume the company will not maintain any inventory of finished goods HintIn a schedule in Excel enter number of units variable manufacturing cost per unit and total fixed costs and a formula for gross profit Use the Goal Seek tool to find the sales price Goal seek is found under the Data tab and under Whatif Analysis d Discuss how Goal Seek or any other Excel tool might help management with CVP Analysis