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COST ESTIMATION QUESTIONS Illustration One The total maintenance costs and machine hours for the past ten four-weekly accounting periods were as follows: Period Machine hours(x) Maintenance costr] 1 490 960 2 240 880 3 30' 480 4 400 l ,200 5 320' 800 6 240 640 7 160 560 8 480 1 ,200 9 320' 880 10 160 440 Required: From the information above, t a regression equation using: (i) High low method (ii) Least squares method. Illustration Two Vivo Oil Corporation is preparing its budget for the year to 30" June 2017. In respect of fuel oil consumption, it is desired to estimate an equation of the form y = a + bx, where y is the total expense at an activity level x, a is the fixed expenses and b is the rate of variable cost. The following data relates to the year ending 30" June 2017: Machine Fuel oil Month hours '000 Expenses (Sh000) July 34 640 August 30 620 September 34 620 October 39 590 November 42 500 December 32 530 January 26 500 February 26 500 March 31 530 April 35 550 May 43 580 June 48 680 The annual total and monthly average figures for the year ending 30th June 2017 were as follows: Machine hours Fuel oil expense (Sh) Annual total 420,000 6,840,000 Monthly average 35,000 570,000 Required: Estimate fixed and variable elements of fuel oil expense from the data by both the following methods: (i) High -low point (ii) Least-squares regression analysis