Using Regression to Calculate Fixed Cost, Calculate the Variable Rate, Construct a Cost Formula, and Determine Budgeted Cost Pizza Vesuvio makes specialty pizzas. Data for the past 8 months were collected: Coefficients shown by a regression program for Pizza Vesuvio's data are: In your calculations, round the variable rate per employee hour to the nearest cent. Use the results of regression to make the following calculations: 1. Calculate the fixed cost of labor. x Calculate the variable rate per employee hour. X per employee hour 2. Construct the cost formula for total labor cost. Total labor cost =$+($ Employee hours ) 3. Calculate the budgeted cost for next month, assuming that 685 employee hours are budgeted. Round answer to the nearest dollar. Feedoack V Check My Work 1. The measures of activity output are the intercept and X-variable. 2. Use this fixed cost and variable rate in the cost formula. 3. Use this fixed cost, and the variable rate in the cost formula multiplied by 685