Arthur Corporation used regression analysis to predict the annual cost of indirect materials. The results...
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Accounting
Arthur Corporation used regression analysis to predict the annual cost of indirect materials. The results were as follows: Indirect Materials Cost Explained by Units Produced
Constant
$23000
Standard error of Y estimate
$500
R2
0.743
Number of observations
645
X coefficient(s)
23
Standard error of coefficient(s)
1.7
If the company expects to produce 15,000 units, what is the estimated cost of indirect materials?
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