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Problems Group B 1. P6-77B Analyze cost behavior at a hospital using various cost estimation methods (Learning Objectives 1, 2, 3, 4 & 5) Freida Dudley is the Chief Operating Officer at Memorial Hospital in Scandia, Minnesota. She is analyzing the hospital's overhead costs but is not sure whether nursing hours or the number of patient days would be the best cost driver to use for predicting the hospital's overhead. She has gathered the following information for the last six months of the most recent year: Hospital Overhead Costs July $462,000 August $510,000 September $401,000 October $445,000 November $556,000 December $430,000 Month 1. Nursing Number of Hours Patient Days 22,900 26,300 17,500 21,700 30,000 19,000 3,610 4,330 4,250 3,460 5,740 3,230 Overhead Cost per Nursing Hour $20.17 $19.39 $22.91 $20.51 $18.53 $22.63 Overhead Cost per Patient Day $127.98 $117.78 $94.35 $128.61 $96.86 $133.13 Requirements 1. Are the hospital's overhead costs fixed, variable, or mixed? Explain. 2. Graph the hospital's overhead costs against nursing hours. Use Excel or graphby hand. 3. Graph the hospital's overhead costs against the number of patient days. Use Excel or graph by hand. 4. Do the data appear to be sound or do you see any potential data problems? Explain 5. Use the high-low method to determine the hospital's cost equation using nursing hours as the cost driver. Predict total overhead costs if 23,500 nursing hours arepredicted for the month. 6. Ms. Dudley runs a regression analysis using nursing hours as the cost driver topredict total hospital overhead costs. The Excel output from the regression analysisis shown next: If 23,500 nursing hours are predicted for the month, what is the total predicted hospital overhead? 7. Ms. Dudley then ran the regression analysis using number of patient days as the cost driver. The Excel output from the regression is shown here: If 3,300 patient days are predicted for the month, what is the total predicted hospital overhead? 8. Which regression analysis (using nursing hours or using number of patient days as the cost driver) produces the best cost equation? Explain your