Exercise 6-34 Estimating Cost Behavior by Multiple Methods (Appendix) (LO 6-1, 6-2, 6-5, 6-9) Gator Beach Marts, a chain of convenience grocery stores in the Fort Lauderdale area, has store hours that fluctuate from month to month as the tourist trade in the community varies. The utility costs for one of the company's stores are listed below for the past six months. Total Hours Total Utility Month of Operation CONE $3,120 February March May 2.550 Jun 3. 350 Required: 1-a. Use the high low method to estimate the cost behavior for the store's utility costs. Express the cost behavior in formula form (Ym a 1-b. What is the variable utility cost per hour of operation? 3-n. Construct an Excel spreadsheet and use the Excel commands to perform a least squares regression. Estimate the cost behavior for the store's utility cost. Express the cost behavior in formula form. 3-b. What is the variable utility cost per hour of operation? 4. During July, the store will be open 300 hours. Predict the store's total utility cost for July using each of the cost estimation methods employed in requirements (1) and (3). Complete this question by entering your answers in the tabs below. Reg 14 Req 18 Req 38 Use the high-low method to estimate the cost behavior for the store's utility costs. Express the cost behavior in formula form (7 = 3 + 8x). Monthly utility cost = X Complete this question by entering your answers in the tabs below. Req 14 Req 18 Reg 34 Reg 38 Reg 4 What is the vanable utility cost per hour of operation? Variable cost per hour Req IA > Complete this question by entering your answers in the tabs below. Req 1A Reg 18 Req 3A Req 4 Construct an Excel spreadsheet and use the Excel commands to perform a least-squares regression. Estimate the cost behavior for the store's utility cost. Express the cost behavior in formula form. (Do not round intermediate calculations. Round the intercept to the nearest whole number and the slope to two decimal places.) Monthly utility cost Complete this question by entering your answers in the tabs below. Req 1A Req 3A Req What is the variable utility cost per hour of operation? (Do not round intermediate calculations. Round the intercept to the nearest while number and the slope to two decimal places.} Variable utility cast per hour { Req 3A Req 4 >Complete this question by entering your answers in the tabs below. Req 1A Req 18 Req 3A Req 38 Reg 4 During July, the store will be open 300 hours. Predict the store's total utility cost for July using each of the cost- estimation methods employed in requirements (1) and (3). (Do not round intermediate calculations. Round the intercept to the nearest whole number and the slope to two decimal places.) Cost Predictions High-low method Least-square regression