QUESTION ONE Assume that the product manager of UOE Ltd is concerned about the apparent fluctuations in efficiency and therefore work done by employees which are related to the volume. The result of this in most 12 weeks research carried out is as shown below; week Machine hours Indirect labour cost 1 68 1190 2 88 1211 3 62 1004 4 72 917 5 60 770 6 96 1456 7 78 1180 8 46 710 9 82 1316 10 94 1032 11 12 68 48 752 963 (a) Use the data to compute the equation for the regression line y = a + bx (10 marks) (b) Use the High-Low method to determine the function y = a + bx (5 marks) (c) Determine the labor cost associated with 80 machine hours using both the regression model and the High-Low method. (4 marks) (d) Which other methods can be used for cost estimation in cost accounting? (6 marks)