The manager of the main laboratory facility at UrbanFit 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 romain 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 UrbanFit 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.) Requirements Use Excel to do the following: 1. Run a regression analysis using data for August through February 2. Determine the tab'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 3,500 tests are performed Print Done Regression analysis x Month Number of Lab Tests Performed August September 3,150 $ Total Laboratory Overhead 22.050 3,100 $ 21,750 October 3.050 $ 25,460 November 4,160 $ 29,800 December 3,920 $ 20,200 January 2.700 $ 19,750 February 3.450 S 23,400 Print Done X The manager of the main laboratory facility at UrbanFit 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. Regression analysis Number of Lab Total Laboratory Month Tests Performed Overhead August. 3,150 $ 22,950 September.... 3,100 $ 21,750 October...... 3,850 69 $ 25,460 November ... 4,160 $ 29,800 December 3,920 69 $ 28,200 January 2,700 $ 19,750 February 3,450 69 $ 23,400 Print Done - X 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 3,500 tests are performed. Print Done - X After running a regression analysis on the first seven months of the year, the manager of the main laboratory facility at UrbanFit 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