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Saved Midgett Co. has accumulated data to use in preparing its annual profit plan for...

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Accounting

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Saved Midgett Co. has accumulated data to use in preparing its annual profit plan for the upcoming year. The cost behavior pattern of the maintenance c regression be employed to derive an equation for maintenance hours and costs Data regarding the maintenance hours and costs for the last yea Maintenance Machine Month Cost Hours Jan. 24 5,000 600 Feb. 3,644 4,400 440 Mar. 610 26 25 Apr. May 3,337 480 5,222 660 3,390 3,618 5,384 June 410 July Aug. 470 630 Sept. 5,114 4,883 3,925 590 Oct. 590 Nov. 430 3,850 $ 51,767 Dec. 350 Sum 6,260 Average $4,313.92 521.67 Average cost per hour ($51,767/6.260) - $8.27 (rounded to the nearest cent) r=0.85977 12-073920 The percent of the total variance that can be explained by the regression equation is Multiple Choice 73.96

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