12. [Answer Only) Which of the following statements is false of a linear cost function? 1 The account analysis method estimates cost functions by classifying cost accounts in the ledger as variable, fixed, or mixed with respect to the identified cost driver. 2 The high-low method relies on only two observations, the highest and lowest, to estimate a linear cost function. 3 In regression analysis, the term "goodness of fit" indicates the strength of the relationship between the cost driver and the costs. In the estimation of a cost function using quantitative analysis, the independent variable is a cost to be predicted and managed, whereas the dependent variable or cost driver is the factor used to predict the independent variable. 5 Regression analysis measures the average amount of change in the dependent variable associated with a unit change in one or more independent variables. 13. [Answer & Solving Process Timekeeper Inc. manufactures clocks on a highly automated assembly line. Its costing system uses two cost categories, direct materials and conversion costs. Direct materials are added at the beginning of the production process, and conversion costs are allocated evenly throughout production, Timekeeper Inc, uses weighted-average process costing Data for the Assembly Department for June 2021 are: Work in process, beginning inventory: Units started during June Work in process, ending inventory (70% complete): N/A 1040 units 160 units Costs for June 2021: Direct materials costs Conversion costs $501,500 $304,000 What is the cost per equivalent unit with regard to conversion costs for June 2021? (Round the final answer to the nearest integer.) 1 $292 2 $253 3 $306 4 $264 5 $992