Midgett Co. has accumulated data to use in preparing its annual profit plan for the upcoming year. The cost behavior pattern of the maintenance costs must be determined. The accounting staff suggested that linear regression be employed to derive an equation for maintenance hours and costs. Data regarding the maintenance hours and costs for the last year and the results of the regression analysis are as follows: Month Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec. Maintenance Machine Cost Hours $ 5,020 590 3,657 450 4,400 590 3,328 340 5,222 610 3,450 470 3,499 430 5,368 680 5,126 690 4,849 540 3,935 460 3,990 500 $ 51,844 6,350 $4,320.33 529.17 Sum Average 470 430 680 June July Aug Sept. Oct. Nov. Dec. Sum Average 3,450 3,499 5,368 5,126 4,849 3,935 3,990 $ 51,844 $4,320.33 690 540 460 500 6,350 529.17 Average cost per hour ($51,844/6,350) = $8.16 (rounded to the nearest cent) r= 0.92153 2 = 0.84922 The percent of the total variance that can be explained by the regression equation is