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the controller for ABC Corporation, suspects that factory overhead costs are driven by the number...

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Accounting

the controller for ABC Corporation, suspects that factory overhead costs are driven by the number of machine hours used. Martin input historical data for 12 months of total factory overhead cost and machine hours used. Summary output information is provided below. Develop a cost formula for overhead cost.

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SUMMARY OUTPUT Regression Statistics Multiple R 0.963809718 R Square 0.928929173 Adjusted R Square 0.92182209 Standard Error 56.42709871 Observations 12 6 ANOVA df SS MS F Significance F 4.6008E-07 130.7047086 Regression 13 Residual 416166.0753 31840.17469 448006.25 416166.0753 3184.017469 Total 16 17 Intercept 18 Machine Hours Coefficients $970.12 36.138 Standard Error 415.4592475 3.160962926 Stat 2.335045169 11.432616 P-value 0.04 16902 4.6008E-07 Lower 95% 44.41521808 29.09501101 Upper 95% 1895.816999 43.18113962 Lower 95% 44.41521808 29.09501101 Upper 95% 1895.816999 43.18113962

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