Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Interpreting Regression Output Rikki Bake, the controller for XYZ Incorporated, historical data for total factory overhead costs and machine hours used. The summary output Information

image text in transcribed
Interpreting Regression Output Rikki Bake, the controller for XYZ Incorporated, historical data for total factory overhead costs and machine hours used. The summary output Information is provided below. Use the output Information prov suspects that factory overhead costs are driven by the number of machine hours used. Usirg Excel, Ms. Bake input twelve months of d to develop a cost formula for overhead cost. C D SUMMARY OUTPUT Regression Statisties Multiple R 09600718 R Square 092e9173 0.92182209 Adusted R Squares Standard Emor s64270987 Observations 12 10 ANOVAL MS Significance F Regression 416166075a 416166 0753 130 7047086 4.000E 07 Residual 10 31540 17460 3164.017409 Total 11 448006 254 15 16 Coetficients Standerd Emor t Stat P-value Lower 95% Upper 95% Lower % Upper 95% 415450247 230045 160 0041600 444152180 1805 856000 4441521800 1805.816000 interoept $970 12 Machine Hous 36130 3 1600609 11.416 4.00E-0 29 00501501 431811396 2as0110 43 811302 Complete the formula below. Round answers to two decimal places. Overhead Cost $ +(5 x machine hours) Interpreting Regression Output Rikki Bake, the controller for XYZ Incorporated, historical data for total factory overhead costs and machine hours used. The summary output Information is provided below. Use the output Information prov suspects that factory overhead costs are driven by the number of machine hours used. Usirg Excel, Ms. Bake input twelve months of d to develop a cost formula for overhead cost. C D SUMMARY OUTPUT Regression Statisties Multiple R 09600718 R Square 092e9173 0.92182209 Adusted R Squares Standard Emor s64270987 Observations 12 10 ANOVAL MS Significance F Regression 416166075a 416166 0753 130 7047086 4.000E 07 Residual 10 31540 17460 3164.017409 Total 11 448006 254 15 16 Coetficients Standerd Emor t Stat P-value Lower 95% Upper 95% Lower % Upper 95% 415450247 230045 160 0041600 444152180 1805 856000 4441521800 1805.816000 interoept $970 12 Machine Hous 36130 3 1600609 11.416 4.00E-0 29 00501501 431811396 2as0110 43 811302 Complete the formula below. Round answers to two decimal places. Overhead Cost $ +(5 x machine hours)

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Recent Advances In Computational Finance

Authors: Nikolaos S. Thomaidis, Jr. Dash, Gordon H.

1st Edition

1626181233, 978-1626181236

More Books

Students also viewed these Finance questions

Question

assess the infl uence of national culture on the workplace

Answered: 1 week ago