Business, 15.06.2020 04:57 mckinleyp4819

Armer Company is accumulating data to use in preparing its annual profit plan for the coming year. The cost behavior pattern of the maintenance costs must be determined. The accounting staff has suggested the use of linear regression to derive an equation for maintenance hours and costs. Data regarding the maintenance hours and costs for the last year and the results of the regression analysis follow: Month
Maintenance Cost
Machine Hours
Jan.
$
4,200

480

Feb.

3,000

320

Mar.

3,600

400

Apr.

2,820

300

May

4,350

500

June

2,960

310

July

3,030

320

Aug.

4,470

520

Sept.

4,260

490

Oct.

4,050

470

Nov.

3,300

350

Dec.

3,160

340

Sum
$
43,200

4,800

Average
$
3,600

$
400

Average cost per hour

$
9.00

a (intercept)

$
684.65

b (coefficient)

7.2884

Standard error of the estimate

34.469

R-squared

0.99724

t-value for b

60.105

At 400 hours of activity, Armer management can be approximately two-thirds confident that the maintenance costs will be in the range of

Answers: 2

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Armer Company is accumulating data to use in preparing its annual profit plan for the coming year. T...

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