The Hard Rock Mining Company is developing cost formulas for management planning and decision-making purposes. The company's cost analyst has concluded that utities cost is a mixed cost, and he is attempting to find a base with which the cost might be closely correlated. The controller has suggested that tons mined might be a good base to use in developing a cost formula. The production superintendent disagrees; she thinks that direct labor-hours wouild be a better base. The cost analyst has decided to bry both bases and has assembled the following information: Tons Mined Labor-HoursCost Direct Year 1: 30,000 4,500 :76,000 19.000 5,50090,000 35,000 27,000 65,000 60,000 6,500 Second Third 7,500 Year 2 First Second 33,000 40,000 14,300 13,300 $120.000 Fourth0013.300 $115.000 43,000 15,300 $135,000 2(a), Using direct labor-hours as the independent variable, prepare a scattergraph that plots direct labor-hours on the horizontal axis and utilities cost on the vertical axis. Instructions: on the Vertical axis 1. On the graph below, use the point tool (Year 1-1st quarter) to plot direct labor-hours on the horizontal axis and utilities cost 2. Repeat the same process for the plotter tools (Year 1-2nd quarter to Year 2-4th quarter). enter exact coordinates, double click on the point and enter the values of x and y 4. To remove a point from the araph, click on the noint and salect dainte nntinn 120000 90000 Direct Labor-Hours 2(b). Determine a cost formula for utilities cost using least-squares regression. Express this cost formula in te fom Y= a + bx. (Round the Variable cost to 2 decimal places, and Fixed Cost to the nearest dollar.)