Please explain step by step and as simple as possible. Thoroughly and simply

An accountant wishes to predict direct labor cost (y) on the basis of the batch size (X) of a product produced in ajob shop. Data for 12 production runs are given in the table below, along with the Excel output from fitting a least squares regression line to the data. Direct Labor Cost Data Dir-act Labor' Batch CostJ y ($1665) SizeJ x 71 5 663 62 351 35 138 12 861 83 145 14 493 46 548 52 251 23 1924 199 435 41 772 75 Click here forthe Excel Data File Batch Stu Line Fit Plot moo Laborcost = 18.488 + 10.146'BSize {a} Calculate b1 and be. (Round intermediate steps to 4 decimals places.) b1 b0 {b} Interpret the meanings of be and {21. Does the interpretation of be make practical sense? (c) Write the least squares prediction equation. (Round your answers to 4 decimal places.) yhat = + x (cl) Use the least squares line to Obtain a point estimate of the mean direct labor cost for all batches of size 60 and a point prediction of the direct labor cost for an individual batch of size 60. (Round your answer to 3 decimal places.) yhat(6{}) = hundreds of dollars