Please help me. I Dont know what formulas to use.

Calibri (Body) Mar a A Pasta BI U A1 X fx Meyer Grove Company has large overhead costs relative to its direct ma B A D E F 1 Meyer Grove Comphny has large overhead costs relative to its direct material and direct labor costs. Because of the 2 Significance of these overhead costs, management is trying to better understand what is driving them. 3 4 The management team has asked the accountant to gather select information for some of the activities s and product costs that they believe might be driving the overhead costs. The possible cost drivers 6 that the team is looking at include direct labor hours, machine hours, direct material costs, and number of material moves. 18 8 Data pertaining to the past 18 months for overhead costs as well as usage information for the possible cost drivers 9 is presented below! #of material 10 DL hours 11 Machine hours DM costs moves Overhead costs 6 12 Jul-18 4,100 1,950 195,000 15,000 13 Aug-18 4,250 2,250 21,500 16 220,000 14 Sep-18 3,500 2,400 14,700 4 170,000 15 Oct-18 4,200 1,950 20,000 260,000 16 Nov.18 4,500 2,500 23,500 20 300,000 17 Dec-18 4,100 2,600 20,500 22 275,000 18 Jan-19 3,400 3,100 26,000 12 230,000 19 Feb-19 3,900 2,750 33,000 10 305,000 Mar-19 4,300 2,000 31,500 9 320,000 21 Apr-19 4,200 1,850 34,000 15 315,000 22 May-19 4,450 2,200 33,000 11 340,000 23 Jun-19 3,850 2,300 32,000 20 280,000 24 Jul-19 3,950 1,800 34,000 22 290,000 25 Aug-19 4,050 2,250 16 318,000 26 Sep-19 4,300 2,200 27,500 13 315,000 27 Oct-19 4,350 2,500 28,000 21 310,000 28 Nov-19 4,000 2,100 31,500 28 280,000 29 Dec-19 4,400 2,250 22,000 19 300,000 30 31 32 20 +32,000 34 35 Please type your answers in a Word document and upload it to the 'Regression Assignment' folder 36 in the assignments dropbox on our course D2L site by 11 am on Wed., Nov. 18, 2020. 37 38 I do not want you to copy and paste any of the regression output; I just want you to explain 39 why you chose one particular cost formula over the other possible formulas, and in the process 40 you should cite relevant statistics, plot characteristics, etc., to back up your decision. 41 42 1. Using regression, determine the best cost formula to explain this company's 43 monthly overhead costs. Explain how and why you reached this conclusion. 44 Clearly write out the complete cost formula, 45 46 A complete answer will thoroughly explain not only why this cost formula is valid, but also 47 why this model's cost driver (or multiple cost drivers) is/are better than any other 48 combination of cost drivers available to predict monthly overhead costs. 49 50 (For purposes of checking validity, all relevant regression assumptions should be named and 51 adequately evaluated. Be sure to explain how you evaluated these assumptions) 52 53 2. Using the regression model that yo-ecified in part 1, predict this company's 54 overhead costs for next month if the following cost driver levels are expected: 55 direct labor hours 3900 57 machine hours 2400 58 direct material costs 59 24,000 number of material moves 14 55 60