Month 1 2 3 4 5 6 7 8 9 10 11 12 13 Labor-Hours Overhead Costs 251,690 $2,741,920 238,590 2,375,580 193,300 2,400, 500 271,650 2,590,910 324,15 3,072,170 291,090 2,618,520 271,650 2,480,590 251,710 2,745, 910 232,075 2,821,700 343,800 3,438,060 186,090 2,357,690 232,040 2,551,030 382,960 3,604,070 376,650 3,405, 140 291,080 3,016,850 396,090 3,638,690 356,710 3,554,250 323,910 3,191,970 89,535 3,482,070 317, 340 3,219,870 343,600 3,495,780 337,030 3,207,610 382,970 3,600,980 376,410 3,637,000 14 15 16 17 18 19 20 21 22 23 24 Required: a. Use the high-low estimation method to estimate the overhead cost behavior (fixed and variable portions components of cost) for the Lucas plant. (Round variable cost per unit to 2 decimal places.) Overhead Costs per LH Labor hours c. Using Excel, compute regression coefficients to describe the overhead cost equation. (Round your answers to 2 decimal places.) Coefficients Intercopt (Fixed costs) Cost per Labor Hour d. Use the results of your regression analysis to develop an estimate of overhead costs assuming 430,000 labor-hours will be worked next month. (Round Cost per Labor hour to 2 decimal places.) Overhead Cost Luke's Lubricants starts business on January 1. The following operations data are available for January for the one lubricant it produces: Beginning inventory Started in January Ending work-in-process inventory (70% complete) Gallons e 159, eee 15,000 Costs incurred in January follow Materials $ 122,750 Labor 29, eee Manufacturing overhead 80,000 All production at Luke's is sold as it is produced (there are no finished goods inventories). Required: a. Compute cost of goods sold for January (Do not round intermediate calculations.) Cost of goods sold + finished goods inventories). Required: a. Compute cost of goods sold for January. (Do not round intermediate calculations.) nces Cost of goods sold b. What is the value of work in process inventory on January 31? (Do not round intermediate calculations.) Work-in-process inventory