' Discuss how auariance report can be used to direct management toward production issues . Your explanations of master budgets and variance repors should be 500 to 3'50 words in length . Part #4 Use the following data to generate aquote model for future business .This can be accomplished by performing a high -low or regression analysis to generate an equation relating direct labor hours to product cost: Direct labor Manufacturing Year hrs . cost 2014 2,512 $224,950 2015 2.355 $ 211.950 Within your analysis ,make sure to include the following ' Explain how jobs can be estimated by using a quote model based on previous data. ' Discuss the different methods of cost estimation ' Prepare a bid for ajob that would require 2,?00 direct labor hours