Required information The Hard Rock Mining Company is developing cost formulas for management planning and decision-making purposes. The company's cost analyst has concluded that utilities cost is a mixed cost, and he is attempting to find a base that correlates with the cost. The controller has suggested that tons mined might be a good base to use in developing a cost formula. The production superintendent disagrees; she thinks that direct labor-hours would be a better base. The cost analyst has decided to try both bases and has assembled the following information: Direct Labor- Quarter Year 1: First Second Tons Mined Hours Utilities Cost 23,000 5,800 $ 58,000 16,000 3,800 $ 53,000 Third 28,000 4,800 $ 68,000 Fourth 20,000 6,800 $ 83,000 Year 2: First 26,000 11,600 $ 108,000 Second 33,000 11,400 $113,000 Third 38,000 9,600 Fourth 36,000 12,600 $93,000 $128,000 2-a. Using direct labor-hours as the independent variable, prepare a scattergraph that plots direct labor-hours on the horizontal axis and utilities cost on the vertical axis. Instructions: 1. On the graph below, use the point tool (Year 1-1st quarter) to plot direct labor-hours on the horizontal axis and utilities cost on the Vertical axis. 2. Repeat the same process for the plotter tools (Year 1-2nd quarter to Year 2-4th quarter). 3. To enter exact coordinates, click on the point and enter the values of x and y. 4. To remove a point from the graph, click on the point and select delete option. es alam Walli Required information 4. To remove a point from the graph, click on the point and select delete option. $140,000 $120,000 Year 1 - 1st quarter Year 1 - 2nd quarter $100,000 Year 1-3rd quarter Utilities Cost $80,000 $60,000 $40,000 $20,000 00 0 2,000 Year 1-4th quarter Year 2-1st quarter Year 2 - 2nd quarter 4,000 6.000 8,000 10,000 12,000 14,000 Direct Labor-Hours Year 2-3rd quarter reset 2-b. Using the least-squares regression method, estimate the variable utilities cost per direct labor-hour and the total fixed utilities cost per quarter. Express these estimates in the form Y=a+bX. (Round the Variable cost to 2 decimal places and Fixed Cost to the nearest whole dollar amount.)