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The McGraw Company is accumulating data to be used in preparing its annual profit plan for the coming year. The cost behavior pattern of the maintenance costs must be determined. The accounting staff has suggested that linear regression be employed to derive an equation in the form ofya + bx for maintenance costs. Data regarding the maintenance hours and costs for last year and the results of the regression analysis are as follows: (CMA adapted) -7:24 January February March April May June July August September October November December Sum Average Hours of Activity 480 600 780 560 960 610 600 1,000 930 899 690 660 8,760 730 Maintenance Costs $ 4,520 3,320 3,920 3,140 4,670 3,280 3,350 4,790 4,580 4,370 3,620 3,480 $ 47,940 3,920 2,061.29 2.5462 A coefficient B coefficient Standard error of the a coefficient Standard error of the b coefficient Standard error of the estimate 02 588.733 0.78586 458.233 9.51213 Pnen 7 of 12 R! Nort Saved 2,061.29 2.5462 A coefficient B coefficient Standard error of the a coefficient Standard error of the b coefficient Standard error of the est mate R2 T-value a T-value b 588.733 0.78586 458.233 0.51213 3.501 3.240 What would be the cost equation if the high-low method is used? Multiple Choice Maintenance Costs = $2.02 * Hours of Activity. Maintenance Costs = $3,920 + ($730 x Hours of Activity). + Maintenance Costs = $4,270 + ($0.52 x Hours of Activity) Maintenance Costs = $458.233 + ($0.51213 Hours of Activity)