PLEASE ANSWER ONLY REQ 3A AND REQ 4
REQ 4: During July, the store will be open 300 hours. Predict the stores total utility cost for July using each of the cost-estimation methods employed in requirements (1) and (3). (Do not round intermediate calculations. Round the intercept to the nearest whole number and the slope to two decimal places.)
| |
| | | Cost Predictions | | High-low method | $1,500 (correct answer) | | Least-square regression | ? | |
Q) 1A : Use the high-low method to estimate the cost behavior for the stores utility costs. Express the cost behavior in formula form (Y = a + bX). (ANSWER IS CORRECT)
| |
| | | Monthly utility cost = | $600 | + | $3 | X | |
Q) 1-B: What is the variable utility cost per hour of operation? (ANSWER IS CORRECT)
Variable Cost per hour: $3
Q) 3-B : What is the variable utility cost per hour of operation? (Do not round intermediate calculations. Round the intercept to the nearest whole number and the slope to two decimal places.) (ANSWER IS CORRECT)
| |
| | | Variable utility cost | $3.00 | per hour | |
Gator Beach Marts, a chain of convenience grocery stores in the Fort Lauderdale area, has store hours that fluctuate from month to month as the tourist trade in the community varies. The utility costs for one of the company's stores are listed below for the past six months. Month January February March April May June Total Hours of Operation 500 600 750 450 400 350 Total Utility Cost $2,120 2,400 2,850 2,050 1,750 1,650 Required: 1-a. Use the high-low method to estimate the cost behavior for the store's utility costs. Express the cost behavior in formula form (Y= a + bX). 1-b. What is the variable utility cost per hour of operation? 3-a. Construct an Excel spreadsheet and use the Excel commands to perform a least-squares regression. Estimate the cost behavior for the store's utility cost. Express the cost behavior in formula form. 3-b. What is the variable utility cost per hour of operation? 4. During July, the store will be open 300 hours. Predict the store's total utility cost for July using each of the cost-estimation methods employed in requirements (1) and (3). Answer is not complete. Complete this question by entering your answers in the tabs below. Req 1A Req 1B Req 3A Req 3B Req 4 Construct an Excel spreadsheet and use the Excel commands to perform a least-squares regression. Estimate the cost behavior for the store's utility cost. Express the cost behavior in formula form. (Do not round intermediate calculations. Round the intercept to the nearest whole number and the slope to two decimal places.) Monthly utility cost = $ 603 3.00 X Gator Beach Marts, a chain of convenience grocery stores in the Fort Lauderdale area, has store hours that fluctuate from month to month as the tourist trade in the community varies. The utility costs for one of the company's stores are listed below for the past six months. Month January February March April May June Total Hours of Operation 500 600 750 450 400 350 Total Utility Cost $2,120 2,400 2,850 2,050 1,750 1,650 Required: 1-a. Use the high-low method to estimate the cost behavior for the store's utility costs. Express the cost behavior in formula form (Y= a + bX). 1-b. What is the variable utility cost per hour of operation? 3-a. Construct an Excel spreadsheet and use the Excel commands to perform a least-squares regression. Estimate the cost behavior for the store's utility cost. Express the cost behavior in formula form. 3-b. What is the variable utility cost per hour of operation? 4. During July, the store will be open 300 hours. Predict the store's total utility cost for July using each of the cost-estimation methods employed in requirements (1) and (3). Answer is not complete. Complete this question by entering your answers in the tabs below. Req 1A Req 1B Req 3A Req 3B Req 4 Construct an Excel spreadsheet and use the Excel commands to perform a least-squares regression. Estimate the cost behavior for the store's utility cost. Express the cost behavior in formula form. (Do not round intermediate calculations. Round the intercept to the nearest whole number and the slope to two decimal places.) Monthly utility cost = $ 603 3.00 X
