The College of Business at Northeast College is accumulating data as a first step in the preparation of next year's budget development. One cost that is being looked at closely is administrative costs as a function of student credit hours. Data on administrative costs and credit hours for the past thirteen months are shown below: The controller's office has analyzed the data and has given you the results from the regression analysis: If the controller uses the high-low method to estimate costs, the cost equation for administrative costs is: Note: Round the variable cost per credit hour to 2 decimal places. Multiple Choice Administrative Costs =$47,689.86+($103.42 Credit-hours ). Administrative Costs =$21,012.12+($111.82 Credit-hours ). Administrative Costs =$201.07 Credit-hours . Administrative Costs =$52,649
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