Goulburn, Incorporated produces parts for heavy equipment used in mining and construction. The plant that produces one part common to many vehicles is highly automated, so all labor is considered part of factory overhead. The plant manager, who has just been promoted, would like to understand how overhead costs fluctuate in order to improve planning and budgets. After discussions with both financial and operations members of the plant staff, there is general agreement that the best cost driver for overhead is machine-hours. Monthly data were collected from the most recent two years on machine-hours and overhead. More months of data were available, but a process change had taken place about 30 months earlier, so the staff believed any data from before that time would be misleading. The data are shown in the following table: Month Machine-Hours Factory Overheadi 1 39,400 2 37,400 3 30,200 $ 527,200 416,600 365,900 4 42,500 498,300. 5 50,700 590,800 45,600 503,500 42,500 477,000 62,200 704,150 36,400 425,400 10 53,800 661,100 11 52,800 616,800 12 36,400 490,600 13 60,000 693,100 14 59,000 654,800 15 45,600 580,100 16 39,400 528,000 17 55,900 683,500 18 50,700 613,800 19 61,000 669,600 20 49,700 619,200 21 53,800 672,200 22 29,200 445,100 23 60,000 692,500 24 59,000 718,600 Required: a. Use the high-low estimation method to estimate the overhead cost behavior (fixed and variable components of cost) for the Goulburn plant. h. Prenare a scatternranh showing the overhead costs niotted anainst the machine-hours 2222222 18 50,700 613,800 19 61,000 669,600 20 49,700 619,200 21 53,800 672,200 29,200 445,100 23 60,000 692,500 24 59,000 718,600 Required: a. Use the high-low estimation method to estimate the overhead cost behavior (fixed and variable components of cost) for the Goulburn plant. b. Prepare a scattergraph showing the overhead costs plotted against the machine-hours. c. Use a spreadsheet program to compute regression coefficients to describe the overhead cost equation. d. Use the results of your regression analysis to develop an estimate of overhead costs assuming 48,000 machine-hours will be worked next month. Complete this question by entering your answers in the tabs below. Required A Required C Required D Use the high-low estimation method to estimate the overhead cost behavior (fixed and variable components of cost) for the Goulburn plant. Note: Round variable cost per unit to 2 decimal places. Overhead costs= per Machine hour Machine-hours Required C > Required A 1222222 6961234 18 50,700 613,800 19 61,000 669,600 20 49,700 619,200 21 53,800. 672,200 22 29,200 445,100 23 60,000 692,500 24 59,000 718,600 Required: a. Use the high-low estimation method to estimate the overhead cost behavior (fixed and variable components of cost) for the Goulburn plant. b. Prepare a scattergraph showing the overhead costs plotted against the machine-hours. c. Use a spreadsheet program to compute regression coefficients to describe the overhead cost equation. d. Use the results of your regression analysis to develop an estimate of overhead costs assuming 48,000 machine-hours will be worked next month. Complete this question by entering your answers in the tabs below. Required A Required C Required D Use a spreadsheet program to compute regression coefficients to describe the overhead cost equation. Note: Round "Cost per Machine Hour" to 2 decimal places. Round "Fixed Costs" to the nearest whole dollar amount. Coefficients Intercept (Fixed Costs) Cost per Machine Hour 18 50,700 613,800 19 61,000 669,600 20 49,700 619,200 21 53,800 672,200 22 29,200 445,100 23 60,000 692,500 24 59,000 718,600 Required: a. Use the high-low estimation method to estimate the overhead cost behavior (fixed and variable components of cost) for the Goulburn plant. b. Prepare a scattergraph showing the overhead costs plotted against the machine-hours. c. Use a spreadsheet program to compute regression coefficients to describe the overhead cost equation. d. Use the results of your regression analysis to develop an estimate of overhead costs assuming 48,000 machine-hours will be worked next month. Complete this question by entering your answers in the tabs below. Required A Required C Required D Use the results of your regression analysis to develop an estimate of overhead costs assuming 48,000 machine-hours will be worked next month. Note: Round "Cost per Machine Hour" to 2 decimal places. Round your final answer to the nearest whole dollar amount. Overhead Cost < Required C Required D