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Case 6-50 Interpreting Least-Squares Regression; Landscaping Service; Activity-Based Costing (LO 6-1, 62,65) Earth and Artistry, Inc., provides commercial landscaping services. Sasha Caims, the firm's owner, wants to develop cost estimates that she cah use to prepare bids on jobs; After analyzing the firm's costs, Cairns has developed the following preliminary cost estimates for each 1,000 square fect of landscaping. Cairns is quite certain about the estimates for direct material and direct labor. However, she is not as comfortable with the overhead estimate. The estimate for overhead is based on the overhead cosis that were incurred during the past 12 months as presented in the fohlowing schedute. The estimate of $16 per direct labor hout was determined by dividing the total overhead costs for the 12 -month period ($628,000) by the total direct-labor hours (39,250). Ine overtime premlum is 50 percent of the direct-labor wage rate. Calms believes that overhead is affected by total monthly direct-labor hours. Cairns decided to perform a least-squares regression of overhead (OH) on total direct-labor hours (OLH). The following regression formula was obtained. OH=$26,132+$8.01DLH Required: 2. Using the overhead formula that was derived from the least-squares regression, determine a total variable-cost estimate for each 1,000 square feet of landscaping. 3. Caims has been asked to submit a bid on a landscaping project for the city government consisting of 64,000 square feet Cairns estimates that 40 percent of the direct-labor hours required for the project will be on overtime. Calculate the incremental costs that should be included in any bid that Cairns would submit on this project. Use the overhead formula derived from the least-squares regression. 5. After attending a seminar on activity-based costing. Caims decided to further analyze the company's activities and costs. She discovered that a more accurate portayal of the firm's cost behavior could be achieved by dividing overhead into three separate pools, each with its own cost driver. Separate regression equations were estimated for each of the cost pools, with the following results. OH2=$10,800+$3.70DL.H where DUH denotes direct-labor hours OH2=$9.200+$13.90SFS. where SFS denotes the number of square feet of turf seeded (in thousands) OH3=$8,400+$5.80PL OH1=$10,800+$3.70DLH where DLH denotes direct-labor hours OH2=$9,200+$13.90SFS where SFS denotes the number of square feet of turf seeded (in thousands) OH3=$8,400+$5.80PL where PL denotes the number of individual plantings (e.g., trees and shrubs) Assume that 5 direct-tabor hours will be needed to landscape each 1,000 square feet, regardless of the specific planting materlal used. a. Suppose the landscaping project for the city will involve seeding all 64,000 square feet of turf and planting 90 trees and shrubs. Calculate the incremental variable overhead cost that Cairns should include in the bid. b. Recompute the incremental variable overthead cost for the city's landscaping project assuming half of the 64,000 -square-foot landscaping area will be seeded and there will be 270 individual plantings. The plantings will cover the entire 64,000-square-foot area. Complete this question by entering your answers in the tabs below. Using the overhead formula that was derived from the least-squares regression, determine a total variable-cost estimate for each 1,000 square feet of landscaping. (Do not round intermediate calculations, Round your final answer to 2 decimal places.) OH2=$9,200+$13,90SFS. where SFS denotes the number of square feet of turf seeded (in thousands) OH3=$8,400+$5.80PL where PL denotes the number of individual plantings (e.g., trees and shrubs) Assume that 5 direct-labor hours will be needed to landscape each 1,000 square feet, regardless of the specific planting material used. o. Suppose the landscaping project for the city will involve seeding all 64,000 square feet of turf and planting 90 trees and shrubs. Calculate the incremental variable overhead cost that Caims should include in the bid. b. Recompute the incremental varlable overhead cost for the city's landscaping project assuming half of the 64,000 -square-foot landscaping area will be seeded and there will be 270 individual plantings. The plantings will cover the entire 64,000 -square-foot area. Complete this question by entering your answers in the tabs below. Cairns has been asked to submit a bid on a landscaping project for the city povernment consisting of 64,000 square feet. Cairns has been asked to submit a bld on a landscaping project for the dity povernment consisting of a4, 000 square Cairns estimates that 40 percent of the direct-labor hours required for the project will be on overtime. Calculate the Cairns estimates that 40 percent of the direct-labor hours required for the project wir be on overo the overhead formula incremental costs that should be included in any bid that Cairns would submit on this project. Use the places.) OH2=$9.200+$13.90SFS, where SFS denotes the number of square feet of turf seeded (in thousands) OH3=$8,400+$5.80PL. where PL denotes the number of individual plantings (e.g., trees and shrubs) Assume that 5 direct-labor hours will be needed to landscape each 1,000 square feet, regardless of the specific planting material used. o. Suppose the landscaping project for the city will involve seeding all 64,000 square feet of turf and planting 90 trees and shrubs. Calculate the incremental variable overhead cost that Cairns should include in the bid. b. Recompute the incremental varlable overhead cost for the clity's landscaping project assuming half of the 64,000 -square-foot landscaping area will be seeded and there will be 270 indlvidual plantings. The plantings will cover the entire 64,000 -square-foot area. Complete this question by entering your answers in the tabs below. Suppose the landscaping project for the city will involve seeding all 64,000 square feet of turf and planting 90 trees and shrubs. Calculate the incremental variable overhead cost that Caims should include in the bid. (Do not round intermediate calculations and round your final answer to 2 decimal places.) OH2=$9,200+$13.90SFS where SFS denotes the number of square feet of turf seeded (in thousands) OH3=$8.400+$5.80PL where PL denotes the number of individual plantings (e.g., trees and shrubs) Assume that 5 direct-labor hours will be needed to landscape each 1,000 square feet, regardless of the specific planting material used. 0. Suppose the landscaping project for the clty will involve seeding all 64.000 square feet of turf and planting 90 trees and shrubs. Calculate the incremental variable overhead cost that Cairns should include in the bid. b. Recompute the incremental variable overhead cost for the city's landscaping project assuming half of the 64,000 -square-foot landscaping area will be seeded and there will be 270 individual plantings. The plantings will cover the entire 64,000-square-foot area. Complete this question by entering your answers in the tabs below. Recompute the incremental variable overhead cost for the city's landscaping project assuming half of the 64,000 -square-foot landscaping area will be seeded and there will be 270 individual plantings. The plantings will cover the entire 64,000 -squarefoot area. (Do not round intermediate calculations and round your final answer to ? decimal places.). Case 6-50 Interpreting Least-Squares Regression; Landscaping Service; Activity-Based Costing (LO 6-1, 62,65) Earth and Artistry, Inc., provides commercial landscaping services. Sasha Caims, the firm's owner, wants to develop cost estimates that she cah use to prepare bids on jobs; After analyzing the firm's costs, Cairns has developed the following preliminary cost estimates for each 1,000 square fect of landscaping. Cairns is quite certain about the estimates for direct material and direct labor. However, she is not as comfortable with the overhead estimate. The estimate for overhead is based on the overhead cosis that were incurred during the past 12 months as presented in the fohlowing schedute. The estimate of $16 per direct labor hout was determined by dividing the total overhead costs for the 12 -month period ($628,000) by the total direct-labor hours (39,250). Ine overtime premlum is 50 percent of the direct-labor wage rate. Calms believes that overhead is affected by total monthly direct-labor hours. Cairns decided to perform a least-squares regression of overhead (OH) on total direct-labor hours (OLH). The following regression formula was obtained. OH=$26,132+$8.01DLH Required: 2. Using the overhead formula that was derived from the least-squares regression, determine a total variable-cost estimate for each 1,000 square feet of landscaping. 3. Caims has been asked to submit a bid on a landscaping project for the city government consisting of 64,000 square feet Cairns estimates that 40 percent of the direct-labor hours required for the project will be on overtime. Calculate the incremental costs that should be included in any bid that Cairns would submit on this project. Use the overhead formula derived from the least-squares regression. 5. After attending a seminar on activity-based costing. Caims decided to further analyze the company's activities and costs. She discovered that a more accurate portayal of the firm's cost behavior could be achieved by dividing overhead into three separate pools, each with its own cost driver. Separate regression equations were estimated for each of the cost pools, with the following results. OH2=$10,800+$3.70DL.H where DUH denotes direct-labor hours OH2=$9.200+$13.90SFS. where SFS denotes the number of square feet of turf seeded (in thousands) OH3=$8,400+$5.80PL OH1=$10,800+$3.70DLH where DLH denotes direct-labor hours OH2=$9,200+$13.90SFS where SFS denotes the number of square feet of turf seeded (in thousands) OH3=$8,400+$5.80PL where PL denotes the number of individual plantings (e.g., trees and shrubs) Assume that 5 direct-tabor hours will be needed to landscape each 1,000 square feet, regardless of the specific planting materlal used. a. Suppose the landscaping project for the city will involve seeding all 64,000 square feet of turf and planting 90 trees and shrubs. Calculate the incremental variable overhead cost that Cairns should include in the bid. b. Recompute the incremental variable overthead cost for the city's landscaping project assuming half of the 64,000 -square-foot landscaping area will be seeded and there will be 270 individual plantings. The plantings will cover the entire 64,000-square-foot area. Complete this question by entering your answers in the tabs below. Using the overhead formula that was derived from the least-squares regression, determine a total variable-cost estimate for each 1,000 square feet of landscaping. (Do not round intermediate calculations, Round your final answer to 2 decimal places.) OH2=$9,200+$13,90SFS. where SFS denotes the number of square feet of turf seeded (in thousands) OH3=$8,400+$5.80PL where PL denotes the number of individual plantings (e.g., trees and shrubs) Assume that 5 direct-labor hours will be needed to landscape each 1,000 square feet, regardless of the specific planting material used. o. Suppose the landscaping project for the city will involve seeding all 64,000 square feet of turf and planting 90 trees and shrubs. Calculate the incremental variable overhead cost that Caims should include in the bid. b. Recompute the incremental varlable overhead cost for the city's landscaping project assuming half of the 64,000 -square-foot landscaping area will be seeded and there will be 270 individual plantings. The plantings will cover the entire 64,000 -square-foot area. Complete this question by entering your answers in the tabs below. Cairns has been asked to submit a bid on a landscaping project for the city povernment consisting of 64,000 square feet. Cairns has been asked to submit a bld on a landscaping project for the dity povernment consisting of a4, 000 square Cairns estimates that 40 percent of the direct-labor hours required for the project will be on overtime. Calculate the Cairns estimates that 40 percent of the direct-labor hours required for the project wir be on overo the overhead formula incremental costs that should be included in any bid that Cairns would submit on this project. Use the places.) OH2=$9.200+$13.90SFS, where SFS denotes the number of square feet of turf seeded (in thousands) OH3=$8,400+$5.80PL. where PL denotes the number of individual plantings (e.g., trees and shrubs) Assume that 5 direct-labor hours will be needed to landscape each 1,000 square feet, regardless of the specific planting material used. o. Suppose the landscaping project for the city will involve seeding all 64,000 square feet of turf and planting 90 trees and shrubs. Calculate the incremental variable overhead cost that Cairns should include in the bid. b. Recompute the incremental varlable overhead cost for the clity's landscaping project assuming half of the 64,000 -square-foot landscaping area will be seeded and there will be 270 indlvidual plantings. The plantings will cover the entire 64,000 -square-foot area. Complete this question by entering your answers in the tabs below. Suppose the landscaping project for the city will involve seeding all 64,000 square feet of turf and planting 90 trees and shrubs. Calculate the incremental variable overhead cost that Caims should include in the bid. (Do not round intermediate calculations and round your final answer to 2 decimal places.) OH2=$9,200+$13.90SFS where SFS denotes the number of square feet of turf seeded (in thousands) OH3=$8.400+$5.80PL where PL denotes the number of individual plantings (e.g., trees and shrubs) Assume that 5 direct-labor hours will be needed to landscape each 1,000 square feet, regardless of the specific planting material used. 0. Suppose the landscaping project for the clty will involve seeding all 64.000 square feet of turf and planting 90 trees and shrubs. Calculate the incremental variable overhead cost that Cairns should include in the bid. b. Recompute the incremental variable overhead cost for the city's landscaping project assuming half of the 64,000 -square-foot landscaping area will be seeded and there will be 270 individual plantings. The plantings will cover the entire 64,000-square-foot area. Complete this question by entering your answers in the tabs below. Recompute the incremental variable overhead cost for the city's landscaping project assuming half of the 64,000 -square-foot landscaping area will be seeded and there will be 270 individual plantings. The plantings will cover the entire 64,000 -squarefoot area. (Do not round intermediate calculations and round your final answer to ? decimal places.)