Question: Using the data provided in E6-57B, the laboratory manager performed a regression analysis to predict total laboratory overhead costs. The output generated by Excel is

Using the data provided in E6-57B, the laboratory manager performed a regression analysis to predict total laboratory overhead costs. The output generated by Excel is as follows:

Requirements
1. Determine the lab's cost equation (use the output from the Excel regression).
2. Determine the R-square (use the output from the Excel regression).
3. Predict the total laboratory overhead for the month if 2,900 tests are performed.

1 SUMMARY OUTPUT Regression Statistics 4Multiple R 5 R Square s Adjusted R Square 0.963524797 0.928380034 0.914056041 962.6424624 7 Standard Eror 8 Observations 10 ANOVA MS 1 60060883.16 60060883.16 64.81293443 0.000478529 5 4633402.552 926680.5104 14 Total 6 64694285.71 15 Upper Lower 95.0% Upper 95.0% Coefficients Standard Error 1827.515 0.548 t Stat P-value 95% 5255.505 14651.0605255.505 14651.060 95% 17 Intercept 18 X Variable 1 9953.28 5.446 0.002 4.42 8.050 0.000 3.006 5.827 3.006 5.827

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