nt pt Maureen Bly is the new manager of the materials storeroom for Taylor Manufacturing. Maureen has been asked to estimate future monthly purchase costs for part #696, used in two of Taylor's products. Maureen has purchase cost and quantity data for the past 9 months as follows: (Click the icon to view the data for the past 9 months.) Estimated monthly purchases for this part based on expected demand of the two products for the rest of the year are as follows: (Click the icon to view the expected demand for the rest of the year.) Requirement 3. After a few hours Maureen's computer is fixed. Maureen uses the first 9 months of data and regression analysis to estimate the relationship between the quantity purchased and purchase costs of part #696. The regression line Maureen obtains is as follows: y $1,883.4 3.74X Run a regression on the 9 months of data using Microsoft Excel to determine the R Square and t Stat for the X Variable 1 statistics. (Enter the R Square and t Stat tamounts to six decimal places, 0.XXXXXXXX) Regression Statistics Sta US R Square X Variable 1 t Stat Evaluate the regression line using the criteria of economic plausibility, goodness of fit, and significance of the independent variable. Economic plausibility Goodness of fit Significance of independent variable Compare the regression equation to the equation based on the high-low method. Which is a better fit? Why? The 18 the equation based on the high-low method. Which is a better fit? Why? is a better fit and more accurate estimate because it uses data points and may therefore miss some important information contained in the other data. while the other method only relies on Requirement 4. Use the regression results to calculate the expected purchase costs for October, November, and December. Compare the expected purchase costs to the expected purchase costs calculated using the high-low method in requirement 2. Comment on your results Begin by using the regression results to calculate the expected purchase costs for October, November, and December. (Use amounts as given in the information to two decimal places. Do not round interim calculations, but then do round your final answers [expected cost amounts] to the nearest whole dollar.) Data table Month Cost of Purchase Quantity Purchased January $ 12,687 2,740 parts February 12,330 2,890 March 17,653 4,148 April 15,825 3,756 May 13,125 2,9341 June 14,012 3,210 July 15,260 3,655 August 10,073 2,253 September 14,970 3,542 Print Done - Data table Month Purchase Quantity Expected October 3,300 parts November 3,760 December 3,100 Print Done