Exercise 5-44, 5-45, 5-46, 5-47, 5-48, 5-49, and 5-50 (Static) (LO 5-1, 2, 3) [The following information applies to the questions displayed below] Waveney DIY Centers (WDC) operates a few dozen stores in the eastern United States. The stores are popular with home remodelers, contractors, and do-It-yourself customers. The managers at Waveney are interested in understanding what drives costs as well as getting better cost estimates when planning new stores. The area manager for the Southeast Region is interested in new data analysis approaches to management and offered to run a test using data from the 14 stores in the region. The initial thoughts of the managers and the financial analysts in the region were that two primary factors drove store costs: store area (square footage) and revenue. The following data were collected from the most recent year of operations (revenues and costs in thousands of dollars). Exercise 5-50 (Static) Methods of Estimating Costs: Multiple Regression (LO 5-1, 3) Results from a multiple regression of store costs on revenues and area are as follows. Equation: Store cost =$2,298.88 (in thousands) +(60.0% Revenues )+($0.017 Area) Statistical data CorrelationcoefficientAdjustedR20.9990.999 Equation: Store cost =$2,298.88 (in thousands )+(60.0% Revenues )+($0.017 Statistical data Correlation coefficient Adjusted R2 0.999 0.999 Requlred: The managers in the region are interested in opening a new store with expected revenues of $19 million and expected area of 50,000 square feet. Assuming the data and cost estimates from the current stores are approprlate for the new store (SE-19), what are the estimated store costs for store SE-19 using the results from this regression? Note: Do not round your Intermedlate calculations. Enter your answer In thousands of dollars rounded to 2 decimal places