Question: plz help,, last person did it wrong. 1 problem a,b,c,d An important application of regression analysis in accounting is in the estimation of cost. By

plz help,, last person did it wrong. 1 problem a,b,c,d
plz help,, last person did it wrong. 1 problem a,b,c,d An important

An important application of regression analysis in accounting is in the estimation of cost. By collecting data on volume and cost allu using the least squares method to develop an estimated regression equation relating volume and cost, an accountant can estimate the cost associated with a particular manufacturing volume. Consider the following sample of production volumes and total cost data for a manufacturing operation. (a) Use these data to develop an estimated regression equation that could be used to predict the total cost for a given production volume. (Round your numerical values to two decimal places.) y= (b) What is the variable cost (in dollars) per unit produced? (c) Compute the coefficient of determination. (Round your answer to three decimal places.) What percentage of the variation in total cost can be explained by production volume? (Round your answer to one decimal place.) % (d) The company's production schedule shows 650 units must be produced next month. Predict the total cost (in dollars) for this operation. (Round your answer to the nearest cent.)

Step by Step Solution

There are 3 Steps involved in it

1 Expert Approved Answer
Step: 1 Unlock blur-text-image
Question Has Been Solved by an Expert!

Get step-by-step solutions from verified subject matter experts

Step: 2 Unlock
Step: 3 Unlock

Students Have Also Explored These Related General Management Questions!