Thane Company is interested in establishing the relationship between electricity costs and machine hours. Data have been collected and a regression analysis prepared using Excel. The monthly data and the regression output follow: Month Machine Hours Electricity Costs January 3,100 $18,700 February 3,500 $21,600 March 2,500 $13,800 April 3,700 $23,600 May 4,400 $28,550 June 3,900 $22,600 July 4,700 $25,050 August 4,100 $23,050 September 2,600 $16,100 October 4,300 $26,600 November 5,800 $31,600 December 5,400 $28,050 Summary Output Regression Statistics Multiple R 0.947 R Square 0.897 Adjusted R 0.887 Standard Error 1,753.98 < Prev 4 of 10 Next > August 4,100 $23,050 September 2,600 $16,100 October 4,300 $26,600 November 5,800 $31,600 December 5,400 $28,050 Summary Output Regression Statistics Multiple R R Square Adjusted R Standard Error Observations 0.947 0.897 0.887 1,753.98 12.00 Intercept Machine Hours Coefficients Standard Errort Stat P-value Lower 95% 1.76 0.11 (1,004.49) 9.35 0.00 3,776.77 4.87 2,145.85 0.52 3.71 Upper 95% 8,558.03 6.04 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.) Multiple Choice < Prev 4 of 10 Next > Multiple Choice Electricity Costs = $22,962. Electricity Costs = $338+ ($5.39 x Machine-hours). Electricity Costs = $3,776.77 + ($4.87 Machine-hours). Electricity Costs = $6.00 x Machine-hours