Tad Biton is the new manager of the materials storeroom for Tenniel Industries. Tad has been asked to estimate future monthly purchase costs for part $18, used in two of Tannehill's products. Tad has purchase cost and quantity data for the past 9 months as follows. Estimated monthly purchases for this part based on expected demand of the two products for the rest of the year are as follows. The computer in Tad's office is down and Tad has been asked to immediately provide an equation to estimate the future purchase cost for part #18.. Tad grads a calculator and uses the high-low method to estimate a cost equation. What equation does he get? Using the equation from requirement 1 calculate the future expected purchase costs for each of the last 3 months of the year. After a few hours Tad's computer is fixed. Tad uses the first 9 months of data of regression analysis to estimate the relationship between the quantity purchased and purchase cost of part # 18. The regression line Tad obtains is: Y = $5, 947.67 + $6.26X Evaluate the regression line using the criteria of economic plausibility, goodness of fit, and significance of the Independent variable. Compare the regression equation of the equation based on the high-low method. Which is a better fit? Why? Use the regression results to calculate the expected purchase costs for October, November, and December. Compare the expected purchase costs to the expected purchase costs calculated using the high-low method in requirement 2. Comment on your results