METHOD OF LEAST SQUARES, PREDICTING COST FOR DIFFERENT TIME PERIODS FROM THE ONE USED TO DEVELOP A

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METHOD OF LEAST SQUARES, PREDICTING COST FOR DIFFERENT TIME PERIODS FROM THE ONE USED TO DEVELOP A COST FORMULA Refer to the Farnsworth Company information in Problem 14-41. However, now assume that Tracy has used the method of least squares on the receiving data and has gotten the following results:

Intercept 3,212 Slope 15.15 Required:

. Using the results from the method of least squares, prepare a cost formula for the receiving activity.

. Using the formula from Requirement 1, what is the predicted cost of receiving for a month in which 1,450 receiving orders are processed? (Round your answer to the nearest dollar.)

. Prepare a cost formula for the receiving activity for a quarter. Based on this formula, what is the predicted cost of receiving for a quarter in which 4,650 receiving orders are anticipated? Prepare a cost formula for the receiving activity for a year. Based on this formula, what is the predicted cost of receiving for a year in which 18,000 receiving orders are anticipated?

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