1. The following excerpt from a regression analysis report describes the relationship between a production cost for Myers Industries, Inc. and labor hours:

Regression Statistics

• R-Sq. = 0.228
• Std. Error =36.627
• Observations =12

Coefficients

• Intercept =17,537.116
• Labor Hrs =80.576

To the nearest dollar, what are total expected fixed production costs if the level of activity is 1,000 labor hours?

$175,370

$80,576

$36,627

$17,537