Question: M5-15 (Static) Estimating Cost Behavior Using Least-Squares Regression [LO 5-4] Handy's Hats makes the world's best hats. Information for the last eight months follows: Total

M5-15 (Static) Estimating Cost Behavior Using Least-Squares Regression [LO 5-4] Handy's

M5-15 (Static) Estimating Cost Behavior Using Least-Squares Regression [LO 5-4] Handy's Hats makes the world's best hats. Information for the last eight months follows: Total Cost $7,000 5,000 Month January February March April May June July August Number of Hats Produced 8,000 4,500 7,000 8,600 3,750 6,000 3,000 5,000 6,250 7,750 5,000 6,250 4,250 5,750 Suppose Handy performed a least-squares regression and obtained the following results: Coefficients 2718.59 Intercept X Variable 1 0.56 Put Handy's results into a linear equation format (y= a + bx) Total cost = $ 0.63 + 2,332.00 (Number of hats) Which method is most accurate? Regression method O High-low method

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