Linda Jones, an accountant for Golding, Inc., has decided to estimate the fixed and variable components...

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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 $ 800 20 15 12 1,100 900 900 18 25 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? 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 $ 800 20 15 12 1,100 900 900 18 25 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?