Hello,

I need only part 1 and 3.

Thanks in aadvance.

E3.29 Estimating cost behaviour using multiple methods: retailer LO 3.9 Quik Chek, a chain of convenience stores, has store hours that fluctuate from month to month as the tourist trade varies. The electricity costs and hours of operation for the past six months for one of the company's stores follow: Month Total hours of operation Total electricity cost January 700 $3 800 February 600 3 400 March 550 3 240 April 500 3 200 May 400 2 600 June 450 2 700 Required: 1. Use the high-low method to estimate the cost behaviour of the store's electricity costs, assuming that the variable costs vary in proportion to the hours of operation. Express the cost behaviour in formula form (Y = a + bX). What is the variable electricity cost per hour of operation? 2. Use regression analysis to estimate the cost behaviour of the store's electricity costs. Express the cost behaviour in equation form. What is the variable electricity cost per hour of operation? 3. During July, the store will be open 420 hours. Predict the store's total electricity cost for July using each of the cost estimation methods employed in requirements 1 and 2