TB MC Qu. 5-73 (Algo) Thane Company is interested in establishing the.. Thane Company is interested in establishing the relationship between electricity costs and machine hours. Data have been collected and a regression a analysis prepared using Excel. The monthly data and the regression output follow, Machine Electricity Month Hours Costs January 2,900 $19,400 February 3,300 $23,000 March 2,300 $14,500 April 3,500 $25,000 May 4,200 $29,250 June 3,700 $24,000 4,500 $25,750 August 3,900 $23, 750 September 2,400 $17,500 October 4,100 $28,000 November 5,400 $33,000 December 5,000 $28,750 July Summary Output Regression Statistics Multiple R 0.945 R Square 0.892 Adjusted R2 0.882 Standard Error 1,809.89 Observations 12.00 Coefficients Standard Error + Stat P-value lower 954. llnner 95% Intercept Machine Hours Coefficients Standard Error t Stat P-value Lower 95 Upper 95% 4,788.52 2,207.13 2.17 0.06 (129.26) 9,706.31 5.19 0.57 9.11 8.00 3.92 6.46 if the controller uses the high-low method to estimate costs, the cost equation for electricity costs is (Round intermediate calculations to 2 decimal places) 20 Multiple Choice Electricity Costs - $6.50 Machine-hours Electricity Costs $24.53 Electricity Costs $4788.52. ($519 Machine hours) Electricity Costs - $762 + (55.97 Machine hours)