The Manager of the main laboratory facility at CitiHealth Center is interested in being able to predict the overhead costs each month for the lab. The manager believes the total overhead varies with the number of lab tests performed bu that some costs remain the same each month regardless of the number of lab tests performed.

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E6-53B (similar to) 3 Question Help The manager of the main laboratory facility at CitiHealth Center is interested in being able to predict the overhead costs each month for the lab. The manager believes that total overhead varies with the number of lab tests performed but that some costs remain the same each month regardless of the number of lab tests performed. After running a regression analysis on the first seven months of the year, the manager of the main laboratory facility at CitiHealth Center collects seven additional months of data. The number of tests performed and the total monthly overhead costs for the lab follow: (Click the icon to view the data.) Read the requirements. Requirements 1 and 2. Use Excel to run a regression analysis using data for August through February and determine the lab's cost equation (use the output from the regression analysis you perform using Excel). (Enter all dollar amounts to two decimal places.) y = $ X + $ Enter any number in the edit fields and then click Check Answer. X 1 Regression analysis Number of Lab Tests Total Laboratory Month Performed Overhead 3,150 $ 22,950 3,100 $ 21,750 August.... September October .... November ... December ... 3,850 $ 25,460 4,160 $ 29,800 3,920 $ 28,200 January 2,700 $ 19,750 February 3,450 $ 23,400 Print Done i Requirements Use Excel to do the following: 1. Run a regression analysis using data for August through February. 2. Determine the lab's cost equation (use the output from the regression analysis you performed using Excel). 3. Determine the R-square using the Excel output you obtain. What does the lab's R-square indicate? 4. Predict the lab's total overhead costs for the month if 3,000 tests are performed Print Done E6-53B (similar to) 3 Question Help The manager of the main laboratory facility at CitiHealth Center is interested in being able to predict the overhead costs each month for the lab. The manager believes that total overhead varies with the number of lab tests performed but that some costs remain the same each month regardless of the number of lab tests performed. After running a regression analysis on the first seven months of the year, the manager of the main laboratory facility at CitiHealth Center collects seven additional months of data. The number of tests performed and the total monthly overhead costs for the lab follow: (Click the icon to view the data.) Read the requirements. Requirements 1 and 2. Use Excel to run a regression analysis using data for August through February and determine the lab's cost equation (use the output from the regression analysis you perform using Excel). (Enter all dollar amounts to two decimal places.) y = $ X + $ Enter any number in the edit fields and then click Check Answer. X 1 Regression analysis Number of Lab Tests Total Laboratory Month Performed Overhead 3,150 $ 22,950 3,100 $ 21,750 August.... September October .... November ... December ... 3,850 $ 25,460 4,160 $ 29,800 3,920 $ 28,200 January 2,700 $ 19,750 February 3,450 $ 23,400 Print Done i Requirements Use Excel to do the following: 1. Run a regression analysis using data for August through February. 2. Determine the lab's cost equation (use the output from the regression analysis you performed using Excel). 3. Determine the R-square using the Excel output you obtain. What does the lab's R-square indicate? 4. Predict the lab's total overhead costs for the month if 3,000 tests are performed Print Done