Use the 6-Step Cost Estimation Method to estimate a good cost function for Spartans Inc. Clearly label and explain each step, including why you chose (used) particular variables or values. 1. Choose Dependent Variable (Typically total cost) 2. Identify Independent Variable and Cost Driver 3. Collect dependent variable and cost driver data 4. Plot Data 5. Estimate Cost Function 6. Evaluate Cost Driver of established cost function Obs. 1 2 3 4 5 6 7 8 9 Machine Hours 14,700 14,682 14,536 12,514 11,457 10,565 14,179 10,113 9,522 14,502 11,324 13,756 12,807 12,271 10 Total Overhead Costs $121,195 $123,784 $90,313 $112,853 $116,130 $80,641 $110,642 $71,492 $69,224 $101,236 $85,559 $101,525 $103,947 $82,375 $72,389 $100,445 $86,136 $71,683 $115,738 $84,366 $98,610 $95,629 Month January 2020 February 2020 March 2020 April 2020 May 2020 June 2020 July 2020 August 2020 September 2020 October 2020 November 2020 December 2020 January 2021 February 2021 March 2021 April 2021 May 2021 June 2021 July 2021 August 2021 September 2021 October 2021 Spears (Units) 3,174 3,001 2,487 2,976 2,598 1,532 2,496 1,597 1,507 3,165 1,926 2,253 2,646 2,683 1,896 3,096 1,887 1,564 2,719 1,691 2,922 1,927 Javelins (Units) 2,355 2,160 2,414 1,911 1,986 2,354 2,694 1,942 1,856 2,451 1,890 2,618 2,064 1,981 2,007 2,090 2,479 2,325 2,686 2,081 1,907 2,431 11 Labor Hours 27,094 24,465 23,210 22,435 21,862 20,252 27,455 18,401 17,336 26,819 18,092 22,742 23,427 23,749 19,626 24,176 23,543 20,206 26,722 18,095 23,130 23,186 12 13 14 15 10,546 16 17 18 19 12,049 12,155 12,191 15,301 10,471 12,244 11,505 20 21 22