Thane Company is interested in establishing the relationship between electricity costs and machine hours. Data have been collected and a regression analysis prepared using Excel. The monthly data and the regression output follow: Month January February March April May June July August September October November December Machine Hours 2,500 2,900 1,900 3,100 3,800 3,300 4,100 3,500 2,000 3,700 4,700 4,200 Electricity Costs $19, 200 $22,600 $14,300 $24,600 $29,050 $23,600 $25,550 $23,550 $17, 100 $27,600 $32,600 $28,550 Summary Output Regression Statistics Multiple R 0.956 R Square 0.914 Adjusted R2 0.905 Standard Error 1,615.39 Observations 12.00 Intercept Machine Hours Coefficients Standard Errort Stat P-value Lower 95% Upper 95% 4,974.43 1,907.43 2.61 0.03 724.41 9,224.45 5.76 0.56 10.30 0.00 4.51 7 .00 If the controller uses regression analysis to estimate costs, the cost equation for electricity costs is: Multiple Choice Electricity Costs = $1,907.43 + ($0.56 * Machine-hours). Electricity Costs = $4,974.43 + ($5.76 * Machine-hours). Electricity Costs = $1,615.39 + ($12.00 Machine-hours). o o Electricity Costs = $4,974.43 + ($1,907.43 x Machine-hours)