E6-31A (similar to) Question Help The manager of the main laboratory facility at CitiHealth Center is interested in being able to predict the overhead costs each month for the lab. The manager believes that total overhead varies with the number of lab tests performed but that some costs remain the same each month regardless of the number of lab tests performed. The lab manager collected the following data for the first seven months The laboratory manager performed a regression analysis to predict total laboratory overhead costs. The output generated by Excel is as follows: |(Click the icon to view the completed regression analysis.) Read the requirements. of the year. (Click the icon to view the data.) Requirement 1. Determine the lab's cost equation (use the output from the Excel regression). (Round the amounts to two decimal places.) y = $ X + $ Number of Lab Tests Total Laboratory Month Performed Overhead Costs 3,300 $28,900 January February 3,150 $28,300 March. ... 4,100 $32,500 4,250 April .... May ... 4,500 $34,000 $29,900 $17,000 June.. 1,500 July 1,700 $15,500 0.94799 Multiple R R Square Adjusted R Square 0.898685 0.878422 Standard Error 2562.300148 Observations 7 ANOVA df SS MS F Significance F Regression 1 291181661.19 291181661.19 44.351061 0.001152 5 Residual 32826910.24 6565382.048 6 324008571.43 Total Standard Lower Upper Coefficients Error t Stat P-value 95% 95% Intercept 8047.25 2947.351 2.730 0.041 470.840 15623.652 X Variable 1 5.77 0.866 6.660 0.001 3.541 7.994