An important application of regression avalysis in accounting is in the estimation of cost. By coliecting data on volume and cost and using the least squares methad to develop an estimated regressic equation relating volume and cost, an accountant can estimate the cost associated with a particular manufacturing volume. Consider the follosaing sample of production volumes and tocal coit data fo a manufacturing operation. (a) Use these data to develop an estimated regrewion equation that could be used ta predict the total cost for a given production volume. (Round your munterical valies to two d X. y=x (b) What is the variabie cast (in dollars) per unit pecdaced? (c) Compute the coeffient of determination. (hound your answer to three decimal places.) What percereage of the variation in total cost can be explained by prosucton volume? (Hound your answer to one decimal place.) (a) The company's production schedule shows 500 units must be prodoced next month. Predict the total cog, (in dellari) for this operation. (Round yeut answer to the nitarest cerse) x