Your explanations of master budgets and variance reports should be 500 to 750 words in length. Use the following data to generate a quote model for future business. This can be accomplished by performing a high-low or regression analysis to generate an equation relating direct labor hours to product cost: Year Discuss how a variance report can be used to direct management toward production issues. 2014 Q1 Quarte Direct labor hrs. 2014 Q2 2014 Q3 2014 Q4 . . 2,512 2.432 2.645 2,723 Manufacturing 2,355 cost $ 224,950 $214,100 2015 Q1 $211,950 Within your analysis, make sure to include the following: $226,840 $228,760 Explain how jobs can be estimated by using a quote model based on previous data. Discuss the different methods of cost estimation Prepare a bid for a job that would require 2.700 direct labor hours.