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

January 2,500 $19,200

February 2,900 $22,600

March 1,900 $14,300

April 3,100 $24,600

May 3,800 $29,050

June 3,300 $23,600

July 4,100 $25,550

August 3,500 $23,550

September 2,000 $17,100

October 3,700 $27,600

November 4,700 $32,600

December 4,200 $28,550

Summary Output

Regression Statistics

Multiple R .956

R Square .914

Adjusted R² .905

Standard Error 1,615.39

Observations 12.00

Coefficients Standard Error t Stat

Intercept 4,974.43 1,907.43 2.61

Machine Hours 5.76 .56 10.30

Pvalue Lower95% Upper95%

Intercept .03 724.41 9,224.45

Machine Hours .00 4.51 7.00

If the controller uses regression to estimate costs, the estimate of the fixed portion of electricity costs is:

(Round intermediate calculations to 2 decimal places.)