The College of Business at Northeast College is accumulating data as a first step in the preparation of next year's budget development. One cost that is being looked at closely is administrative costs as a function of student credit hours. Data on administrative costs and credit hours for the past thirteen months are shown below: Month July August September October November December January February March April May June July Total Average Administrative Costs $ 129,951 83,133 225,970 216,654 258, 393 185,099 219,657 245,390 209,722 192,055 250,628 170,938 128,557 $2,516, 147 $ 193,550 Credit Hours 900 453 1,730 1,338 1,647 1,450 1,677 1,711 1,402 1,461 1,698 758 653 16,878 1,298 The controller's office has analyzed the data and has given you the results from the regression analysis: CIMMADV UIT DIIT The controller's office has analyzed the data and has given you the results from the regression analysis SUMMARY OUTPUT Regression Statistics Multiple R 8.925290B R Square 0.856162998 Adjusted R Square 0.843086906 Standard Error 2,999.37024 Observations 13 ANOVA F -65.4754536 Significance F 5.86044E-26 Regression Residual Total df 1 11 12 SS MS 28,872,943,235 28,872,943, 235 4,850, 709,056 440,973,550.5 33,723,652,290 Intercept X Variable 1 Coefficients 51,876.70822 109.1213291 Standard Error 18,451.75641 13.48560359 t Stat 2.81147805 8.891698483 P-value Lower 95% Upper 95% Lower 95.ex Upper 95.0% 0.016923707 11,264.66618 92,488.7502 11,264.66618 92,488.7502 5.86844E-06 79.43971576 138.882943 79.43971576 138.882943 If the controller uses the high-low method to estimate costs, the cost equation for administrative costs is: If the controller uses the high-low method to estimate costs, the cost equation for administrative costs is: Multiple Choice Administrative Costs = $87,021 Administrative Costs = $32,469.50+ $111.85 x Credit hours. Administrative Costs = $59.147.24 + $103.45 Credit hours. Administrative Costs = $201.10 x Credit hours