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Question 3 - Mixed cost analysis and relevant ranges 10 The Roakes Company is interested in developing a cost equation to estimate the fixed and variable components of its monthly manufacturing overhead costs. The company wishes to use machine hours as its measure of activity and has gathered the following data: 2017 kipped eBook Print ferences January February March April May June July August September October November December January February March April Machine Hours 21,000 25,000 22,000 23,000 20,500 19,000 14,000 10,000 12,000 17,000 16,000 18,500 21,000 24,000 23,000 22,000 Overhead Costs $84,000 $100,000 $89,500 $90,000 $81,500 $75,500 $70,500 $66,500 $69,000 $75,000 $71,500 $77,000 $86,doo $93,000 $93,000 $87,000 2018 AAAA AAAAA Homework 1 C Help Save & Exit Submit April & May June 18,000 12,000 13,000 15,000 17.000 15,000 18,000 August September October November December $93,000 $87,000 $78,000 $76,500 $67,500 $71,000 $73,500 $72,500 $71,000 $75,000 points Skipped eBook Print References The company leases all of its manufacturing equipment. The lease arrangement calls for a flat monthly fee up to 19,500 machine hours. If the machine hours used exceeds 19,500, the monthly fee becomes strictly variable with respect to the total number of machine hours consumed during the month. Lease expense is a major element of overhead costs. Required: (a) Prepare a scatterplot using the above data. Describe the cost behavior pattern you observe. Do you think a straight line fits well through all the data points? Adjust the scale of the x-and y-axes if you cannot seo the pattern clearly. E s wulsumea during the month. Lease expense is a major element of overhead costs. Required: (a) Prepare a scatterplot using the above data. Describe the cost behavior pattern you observe. Do you think a straight line fits well through all the data points? Adjust the scale of the x-and y-axes if you cannot see the pattern clearly. points Skipped (b) Using the high-low method, estimate the cost equation for manufacturing overhead costs using all of the data points given. Do you have any concerns about the accuracy of the cost equation estimated using the high-low method? What are your concerns? eBook Print (c) References Based on the lease arrangement described above, divide the data points into two relevant ranges. Estimate the cost equation for each relevant range using the high-low method. (d) Assume that the company uses 22,500 machine hours during a month. Based on your results in (c) estimate the total manufacturing ovethead costs that would be incurred