Anmportanc applicstion of regression analysis in accounting is in the estimation of cost. By collecting data cn volume and cost and using the least squares method to develop an entimated regression equation relating volume and cost, an accountant can estimate the cost assocoted with a particular manufocturing volume. Consider the folloming tample of production volumes and total cost dato for a manufacturing operation. (a) Use these data to develop an estimated regression equation that could be used to predict the total cost for a given production volume. (Round rour numerical values to two decimal places.) = (b) Whot is the varlable cost (in dotars) per unit produced? (c) Compute the coefficient of determinabon. (Hound your answer to thee decimal pleces.) What percectage of the variation in total cost can be explained by procuction volume? thound your anewer to one decimal place.) (d) The comcanrs production schedilt shows 500 units must be proouced next month. Predict the total cost (in dotiars) for this operation, (Aound your answer to the nearest cent.)