Predict the cost of parts inspection for a month

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Reference no: EM13939509

METHOD OF LEAST SQUARES, DEVELOPING AND USING THE COST FORMULA

The method of least squares was used to develop a cost equation to predict the cost of receiving. Ninety-six data points from monthly data were used for the regression. The following computer output was received:

Intercept 23,100

Slope 316

The driver used was number of parts inspected.

Required:

1. What is the cost formula?

2. Using the cost formula from Requirement 1, identify each of the following: independent variable, dependent variable, variable rate, and fixed cost per month.

3. Using the cost formula, predict the cost of parts inspection for a month in which 2,500 parts are inspected.

Reference no: EM13939509

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