Method of Least Squares, Developing and Using the Cost Formula from monthly data were used...

70.2K

Verified Solution

Question

Accounting

Method of Least Squares, Developing and Using the Cost Formula from monthly data were used for the regression. The following computer output was received:
Intercept
209,400
Slope
310
The cost driver used was number of parts inspected.
Required:
What is the cost formula?
Total cost of receiving per month.
Independent variable
Dependent variable
Variable rate per professional hour
per part inspected
Fixed cost per month
3. Using the cost formula, predict the cost of receiving for a month in which 9,500 parts are inspected.
Total cost of receiving =$
image

Answer & Explanation Solved by verified expert
Get Answers to Unlimited Questions

Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!

Membership Benefits:
  • Unlimited Question Access with detailed Answers
  • Zin AI - 3 Million Words
  • 10 Dall-E 3 Images
  • 20 Plot Generations
  • Conversation with Dialogue Memory
  • No Ads, Ever!
  • Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
Become a Member

Other questions asked by students