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Develop an estimate of fixed electricity costs per month

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Question - Machine hours and electricity costs for Wells Industries for the year 2011 are as follows:

Month

Machine Hours

Electricity Costs

January

2,000

9,200

February

2,320

10,500

March

1,520

6,750

April

2,480

11,500

May

3,040

14,125

June

2,640

11,000

July

3,280

12,375

August

2,800

11,375

September

1,600

7,750

October

2,960

13,000

November

3,760

15,500

December

3,360

13,875

Required -

A. Using the least square method, develop an estimate of variable electricity costs per machine hour.

B. Using the least square method, develop an estimate of fixed electricity costs per month.

Reference no: EM132791471

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