$ 15 Food and beverages Labor (0.5 hr. 51e per hour) Overhead (0.5 hr @ $14 per hour) Total cost per person $ 27 When bidding on cocktail parties, Rand adds a 15 percent markup to this cost structure as a profit margin. Rand is quite certain about her estimates of the prime costs but is not as comfortable with the overhead estimate. This estimate was based on the actual data for the past 12 months presented in the following table. These data indicate that overhead expenses vary with the direct-labor hours expended. The $14 estimate was determined by dividing total overhead expended for the 12 months (5805,000) by total labor hours (57600) and rounding to the nearest dollar. Month January February March April May June July August September October November December Total Labor Hours 2,500 2,800 3.ee 4,200 4,50e 5. See 6. See 7.5ee 7.000 Overhead Expenses $ 55,000 59. Bee 68,000 64, eee 62, eee 71,eee 74,800 17. Bee 25.ee 68,000 52.ee 23, Bee $80s, Bee 3) lee 6, See 57,600 Rand recently attended a meeting of the local chamber of commerce and heard a business consultant discuss regression analysis and its business applications. After the meeting, Rand decided to do a regression analysis of the overhead data she had collected. The following results were obtained. Intercept Coefficient (0) 148, we 4 Rand recently attended a meeting of the local chamber of commerce and heard a business consultant discuss regression analysis and its business applications. After the meeting, Rand decided to do a regression analysis of the overhead data she had collected. The following results were obtained. Intercept (a) Coefficient (b) 48, eee 4 Required: 2. Using data from the regression analysis, develop the following cost estimates per person for a cocktail party. Assume that the level of activity remains within the relevant range, 3. Dana Rand has been asked to prepare a bid for a 200 person cocktail party to be given next month. Determine the minimum bid price that Rand should be willing to submit 4. What other factors should Dana Rand consider in developing the bid price for the cocktail party? Complete this question by entering your answers in the tabs below. Required 2 Required a Required 4 Using data from the regression analysis, develop the following cost estimates per person for a cocktail party Assume that the level of activity remains within the relevant range Variable cost per person Asortant coatereno Required) Rand recently attended a meeting of the local chamber of commerce and heard a business consultant discuss regression analysis and its business applications. After the meeting. Rand decided to do a regression analysis of the overhead data she had collected. The following results were obtained. Intercept (0) Coefficient (b) 48.000 4 Required: 2. Using data from the regression analysis, develop the following cost estimates per person for a cocktail party. Assume that the level of activity remains within the relevant range, 3. Dana Rand has been asked to prepare a bid for a 200 person cocktail party to be given next month. Determine the minimum bid price that Rand should be willing to submit 4. What other factors should Dana Rand consider in developing the bid price for the cocktail party? Complete this question by entering your answers in the tabs below. Required 2 Required 3 Required 4 Dana Rand has been asked to prepare a bid for a 200-person cocktail party to be given next month. Determine the minimum bid price that Rand should be willing to submit. Minimum bidance Rand recently attended a meeting of the local chamber of commerce and heard a business consultant discuss regression analysis and its business applications. After the meeting, Rand decided to do a regression analysis of the overhead data she had collected. The following results were obtained. Intercept (0) Coefficient (b) 48,000 4 Required: 2. Using data from the regression analysis, develop the following cost estimates per person for a cocktail party. Assume that the level of activity remains within the relevant range. 3. Dana Rand has been asked to prepare a bid for a 200-person cocktail party to be given next month Determine the minimum bid price that Rand should be willing to submit 4. What other factors should Dana Rand consider in developing the bid price for the cocktail party? 1 Complete this question by entering your answers in the tabs below. Required 2 Required 3 Required 4 What other factors should Dana Rand consider in developing the bid price for the cocktail party