The controller of Newsburg Company used the method of least squares to compute the fixed and variable components of utility cost from the following data:

Required
Assuming that the least squares estimate of fixed cost is $1,000 and the variable rate is $ 1.00, compute the standard error of the estimate to three decimal places.

Transcribed Image Text:

Utility Cost $3,600 4,000 4,000 3,800 3,700 3,500 3,900 4,100 4,500 4,200 4,300 4,400 Labor Hours 2,650 3,000 2,900 2,800 2,700 2,550 3,000 3,300 3,500 3,200 3,050 3,350 5 Month January. February. April.... May June.... July September November.. December.