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Linda Jones, an accountant for Golding, Inc., has decided to estimate the fixed and variable components associated with the company's repair activity. She has collected the following data for the past six months: Repair Hours Total Repair Costs 10 20 15 12 18 25 $ 800 1,100 900 900 1,050 1,250 Required: 1. Estimate the fixed and variable components for the repair costs using the high- low method. Using the cost formula, predict the total cost of repair if 14 hours are used 2. Estimate the fixed and variable components using the method of least squares. Translate your results into the form of a cost formula, and using that formula, predict the total cost of repairs if 14 hours are used. 3. Using the method of least squares, what are the coefficient of determination and the coefficient of correlation? 2. Regression is performed using Excel, with the results as follows: Summary Output Regression Statistics Multiple R R Square Adjusted R Square Standard Error Observations 0.984523 0.969285 0.961607 32.19657 6 ANOVA MS df SS F Significance F 126.2311 Regression Residual Total 0.000357 1 4 5 130853.5 4146.476 135000 130853.5 1036.619 Standard Error Lower 95% Upper 95% Lower 95.0% Upper 95.0% Coefficients Stat P-value Intercept X Variable 1 509.9119 29.40529 45.55789 2.617232 11.19261 11.23526 0.000363 0.000357 383.4227 22.13867 636.4011 36.6719 383.4227 22.13867 636.4011 36.6719 1 $500.00 + $30.00 Repair cost Y= X=repair hours Total Cost for 14 hours $920 Working notes: High and Low method Total repair costs Total repair hours High $1,250 25 Low $800 10 Difference $450 15 Variable cost per hour Difference in total cost Difference in hours $450 15 $30.00 Calculation of Fixed cost Low Total repair hours Variable cost per hour Variable cost High 25 $30.00 $750 10a $30.001b $300 a b Total cost Less: Variable cost Fixed cost $1,250 $750 $500 $800 $300 $500 Total cost of repairs for 14 hours Total repair hours 14 a Variable cost per hours $30.00 b Total variable cost $420 a*b Fixed cost $500 Total cost $920 2 Fixed cost Variable cost per hour $509.91 $29.41 Repair cost Y= $509.91 $29.41 |X X=repair hours Total Cost for 14 hours $921.65 Total cost of repairs for 14 hours Total repair hours 142 Variable cost per hours $29.41 b Total variable cost $411.74 a*b Fixed cost $509.91 Total cost $921.65 3 Co-efficient of determination Co-efficient of correlation 0.969285 R square 0.984523 Multiple R Kaylin Manufacturing Company has three salaried accounts payable clerks responsible for processing purchase invoices. Each clerk is paid a salary of $30,000 and is capable of processing 5,000 invoices per year (working effi- ciently). In addition to the salaries, Kaylin spends $9,000 per year for forms, postage, checks, and so on (assuming 15,000 invoices are processed). During the year, 12,500 invoices were processed. Required 1. Calculate the activity rate for the purchase order activity. Break the activity into fixed and variable components. 2. Compute the total activity availability, and break this into activity usage and unused activity. 3. Calculate the total cost of resources supplied, and break this into activity usage and unused activity. Kim Wilson, controller for Max Enterprises, has decided to estimate the fixed and variable components associated with the company's shipping activity. She has collected the following data for the past six months: Packages Shipped Total Shipping costs 10 $ 800 20 1.100 15 900 12 900 18 1,050 25 1,250 2. The output of a spreadsheet regression routine is as follows: Regression Output: Constant Std Err of Y Est R Squared 509.911894273125 32.1965672507378 0.96928536465981 4 4 No. of Observations Degrees of Freedom X Coefficient(s) Std Err of Coef. 29.4052863436125 2.61723229918858 Required 1. Estimate the fixed and variable components for the shipping costs using the high-low method. Using the cost formula, predict the total cost of shipping if 14 packages are shipped. 2. Estimate the fixed and variable components using the method of least squares. Using the cost formula, predict the total cost of shipping if 14 packages are shipped. 3. For the method of least squares, explain what the coefficient of determination tells us. Compute the coefficient of correlation