An important application of regression analvsis in accounting is in the estimation of cost. Bv collecting data on volume and cost an: using the least squares method to develop an estimated regression equation relating volume and cost, an accountant can estimate the cost associated with a particular manufacturing volume. Consider the following sample of production volumes and total cost data for a manufacturing operation. Production lIlfolume (units) Total Cost ($1! 400 4,000 450 5,000 550 5,400 600 5,900 3'00 6,400 F50 ?,000 in. Use these data to develop an estimated regression equation that could be used to predict the total cost for a given production volume. Do not round intennediate calculations. Compute 51 and ho {to 1 decimal]. Do not round intermediate calculations. 2;, 9 5., 9 Complete the estimated regression equation {to 1 decimal). Do not round intermediate calculations. g}: 1246.6 9+ 16m} @x