IV$.$ Give the Journal Entries for the following Job Costing transactions.

$(10$ points$)$

We placed $$4,000$ of direct materials into production for Job $$123.$

We allocated $$300$ of overhead to Job #$123.$

We received a utility bill for $$800$ for the factory. It will be paid next month.

We received a utility bill for $$700$ for the office. It will be paid next month.

V$.$ We ran a regression of $Total Cost as a function of Direct Labor Hours. The output is below.

$(15$ points$)$

$\backslash$table$[[$Regression Statistics$],[$Multiple R$,0\mathrm{.}8811],[$R Square,$0\mathrm{.}7764],[$Adjusted R Square,$0\mathrm{.}7445],[$Standard Error,$118\mathrm{.}6493],[$Observations$,9]]$

$\backslash$table$[[,$Coefficients,Standard Error,$t$ Stat,$P-$value$],[$Intercept$,237\mathrm{.}6389,86\mathrm{.}1967,2\mathrm{.}7569,0\mathrm{.}02822],[$Direct Labor Hours,$75\mathrm{.}5167,15\mathrm{.}3176,4\mathrm{.}9301,0\mathrm{.}00169]]$

State the cost function in equation form. $($Remember to use actual names of the cost object and cost driver.$)$

If we expect to use $1,000$ Direct Labor Hours, predict $Total Cost.

Evaluate the goodness of fit of this model. What does goodness of fit measure?

Evaluate the slope of this cost function.