Bb S-ACC544_202060 x Bb Online Meeting (Z X Search Results | Cc X *#1 Cost Driver - Know X |Paraphrasing Tool X *# Cost Driver - Know X Homework Help - > + X J D C @ interact2.csu.edu.au/webapps/csu-serviceslink-BB5c1c4db3261aa/link?type=msi&course_id=_46906_1&mode=view $3 A Question 3 - Correlation and regression (20 marks) Pork Bellies is continuing to re-evaluate all aspects of the business and would like you to look into staffing costs. Below is a summary of the monthly costs. Staff number Number of meals Staff cost ($) 20 700 27800 January February 22 250 14000 March 10 200 12000 April 20 500 20000 24 650 23800 May 28 450 June 18400 16 50 July 20400 14 8200 August 150 24 350 18800 September 24 October 600 22200 O 9 W X 1:37 PM 9/30/2020Bb S-ACC544_202060 x Bb Online Meeting (Z X Search Results | Cc X *1 Cost Driver - Know X |Paraphrasing Tool X *# Cost Driver - Know X Homework Help - > + X J D C @ interact2.csu.edu.au/webapps/csu-serviceslink-BB5c1c4db3261aa/link?type=msi&course_id=_46906_1&mode=view August 14 150 8200 24 September 350 18800 24 October 600 22200 November 16 300 16600 December 32 750 32200 The Pork Bellies relevant range has been estimated to be between 300 and 600 meals. Required: 1. Draw a scatter diagram of Pork Bellies meals and staff costs and mark the relevant range (3 marks) 2. Use the high-low method to estimate the behaviour of Pork Bellies staff costs based on meal numbers within the relevant range. Use an equation to express the results of this estimation method. (3 marks) 3. Using excel or a similar program construct a regression analysis to estimate: a. The equation to predict staff costs based on the number of meals within the relevant range (3 marks) b. Based on the equation in 3 a) what would the staff cost be with 400 meals per month (2 marks) c. Using both activities - number of meals and staff numbers, determine what the staff cost, within the relevant range, would be. (3 marks) 4. Does the inclusion of the additional cost driver (staff number) improve the model? Explain your answer (6 marks) O a W X 1:37 PM 9/30/2020