USING REGRESSION TO CALCULATE FIXED COST, CALCULATE THE VARIABLE RATE, CONSTRUCT A COST FORMULA, AND DETERMINE BUDGETED

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USING REGRESSION TO CALCULATE FIXED COST, CALCULATE THE VARIABLE RATE, CONSTRUCT A COST FORMULA, AND DETERMINE BUDGETED COST Refer to the Pizza Vesuvio company information in Cornerstone Exercise 14-16. Coefficients shown by a regression program for this data are:

Intercept 1,145 X Variable 13.82 Required:

Use the results of regression to make the following calculations:

. Calculate the fixed cost of labor and the variable rate per employee hour.

. Construct the cost formula for total labor cost.

. Calculate the budgeted cost for next month, assuming that 675 employee hours are budgeted. Round answers to the nearest dollar.

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