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Which of the following statements about the method of least squares (regression) is FALSE? O Is a way to find the best-fitting line through a set of data points Always produces the same cost formula when used on the same data set O is a statistical way of separating a mixed cost into fixed and variable components O Includes measures of the statistical significance of the relation between the cost driver and the total mixed cost as well as the accuracy of the cost function itself O None of the above (i.e., all of the above statements are true) GME Inc. uses the high-low method to estimate total labor cost, which is a mixed cost. Data for the most recently completed period are provided below: Machine hours Labor costs Highest observation of cost driver 400 $20,000 Lowest observation of 240 $13,600 cost driver What is estimated total labor cost for the coming period if the firm expects to use 300 machine hours in the coming period? The method of least squares (regression) was used to develop a cost function that uses machine hours to predict the cost of total manufacturing overhead each month. The following regression output is available: Intercept 155,200.35 X Variable 195.7 1 What is the dependent variable in the regression function for manufacturing overhead? SPLK Technology produces fitness watches. The company uses labor hours to forecast total manufacturing overhead (MOH) cost, which is a mixed cost. Data for the past three months are as follows: MOH Labor cost hours June $5,000 350 July $3,000 320 August $4,000 315 The results of a regression analysis of the data are as follows: Intercept 2,100 Variable 8.0 1 Using the regression results, estimate total manufacturing overhead cost at SPLK in a period when the company expects to use 345 labor hours. Within the relevant range, fixed costs: O are constant on a per unit basis as output changes O decrease in total as output decreases O increase in total as output increases O are used as the basis for performance measurement because they are often more controllable by managers O None of the above TRUE or FALSE? Under absorption costing, a portion of fixed manufacturing overhead cost is deferred in inventory when sales volume exceeds production volume. O True O False