Due to a recent change by Microsoft you will need to open the XL Miner Analysis ToolPak add-in manually from the home ribbon Screenshot of ToolPak An important application of regression analysis in accounting is in the estimation of cost. By collecting data on volume and cost and using the least square method to develop an estimated regression equation relating volume and cost, an accountant can estimate the cost associated with a particular manufacturing volume In the Microsoft Excel Online file below you will find a sample of production volumes and total cost data for a manufacturing operation. Conduct a regression analysis to explore the relationship between total cost and production volume and then answer the questions that follow. X Open spreadsheet a. Compute b 1 and bo (to 1 decimal). 1 b1 bo Complete the estimated regression equation (to 1 decimal). x y - b. According to this model, what is the change in cost (in dollars) for every unit produced to 1 decimaly? c. Compute the coefficient of determination (to 3 decimals). Note: report rbetween 0 and 1. 2 What percentage of the variation in total cost can be explained by the production volume (to 1 decimal)? % fx U Y A B. 1 Production Volume (units) Total Cost ($) 2 400 4500 3 450 5500 4 550 5900 5 600 6400 6 700 6900 7 750 7500 8 9 10 Production Target Est. Cost ($) 11 500 12 13 14 15 16 17 18 19