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Meyer Grove Company has large overhead costs relative to its direct material and direct labor costs. Because of the significance of these overhead costs, management is trying to better understand what is driving them. The management team has asked the accountant to gather select information for some of the activities and product costs that they believe might be driving the overhead costs. The possible cost drivers that the team is looking at include direot labor hours, machine hours, direct material costs, and number of material moves. Data pertaining to the past 18 months for overhead costs as well as usage information for the possible cost drivers is presented below: # of material DL hours Machine hours OM costs moves Overhead costs Jul-14 1,950 4,100 15,000 210,000 Aug-14 2,250 4,250 19,000 215,000 Sep-14 2,400 3,500 14,700 175,000 Oct-14 1,950 4,200 20,000 260,000 Nov-14 2,500 4,400 21,500 300,000 Dec-14 2,600 4,100 22,000 275,000 Jan-15 3,100 3,500 26,000 230,000 Feb-15 2,750 3,900 33,000 290,000 Mar-15 2,000 4,300 31,500 320,000 Apr-15 1,850 4,200 34,000 315,000 May-15 2,200 4,450 32,500 340,000 Jun-15 2.300 3,900 33,000 280,000 Jul-15 1,800 4,000 34,000 290,000 Aug-15 2,250 4,050 32,000 318,000 Sep-15 2,200 4,400 27,500 295,000 Oct-15 2,800 4,150 28,000 310,000 Nov-15 2,100 3,900 31,500 305,000 Dec-15 2,250 4,400 22,000 300,000 1. Using regression, determine the best cost formula to explain this company's monthly overhead costs. Explain how and why you reached this conclusion Clearly write out the complete cost formula. 2. Using the regression model that you specified in part 1. predict this company's overhead costs for next month if the following cost driver levels are expected: (round all amounts to 2 decimal places) direct labor hours machine hours direct material costs number of material moves 2,150 4,350 30,000 77 Meyer Grove Company has large overhead costs relative to its direct material and direct labor costs. Because of the significance of these overhead costs, management is trying to better understand what is driving them. The management team has asked the accountant to gather select information for some of the activities and product costs that they believe might be driving the overhead costs. The possible cost drivers that the team is looking at include direot labor hours, machine hours, direct material costs, and number of material moves. Data pertaining to the past 18 months for overhead costs as well as usage information for the possible cost drivers is presented below: # of material DL hours Machine hours OM costs moves Overhead costs Jul-14 1,950 4,100 15,000 210,000 Aug-14 2,250 4,250 19,000 215,000 Sep-14 2,400 3,500 14,700 175,000 Oct-14 1,950 4,200 20,000 260,000 Nov-14 2,500 4,400 21,500 300,000 Dec-14 2,600 4,100 22,000 275,000 Jan-15 3,100 3,500 26,000 230,000 Feb-15 2,750 3,900 33,000 290,000 Mar-15 2,000 4,300 31,500 320,000 Apr-15 1,850 4,200 34,000 315,000 May-15 2,200 4,450 32,500 340,000 Jun-15 2.300 3,900 33,000 280,000 Jul-15 1,800 4,000 34,000 290,000 Aug-15 2,250 4,050 32,000 318,000 Sep-15 2,200 4,400 27,500 295,000 Oct-15 2,800 4,150 28,000 310,000 Nov-15 2,100 3,900 31,500 305,000 Dec-15 2,250 4,400 22,000 300,000 1. Using regression, determine the best cost formula to explain this company's monthly overhead costs. Explain how and why you reached this conclusion Clearly write out the complete cost formula. 2. Using the regression model that you specified in part 1. predict this company's overhead costs for next month if the following cost driver levels are expected: (round all amounts to 2 decimal places) direct labor hours machine hours direct material costs number of material moves 2,150 4,350 30,000 77