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 =1 2

Coefficients

• Intercept=17,537.116
• Labor Hrs = 80.576

What are the total expected production costs if the level of activity is 1,000 labor hours?

$98,113

$80,576

$36,627

$17,537