Month Rental car wash

returns costs

January 2,310 $ 10,113

February 2,453 $ 12,691

March 2,641 $ 10,905

April 2,874 $ 12,949

May 3,540 $ 15,334

June 4,861 $ 21,455

July 5,432 $ 21,270

August 5,268 $ 19,930

September 4,628 $ 21,860

October 3,720 $ 18,383

November 2,106 $ 9,830

December 2,495 $ 11,081

Required:

Using least-squares regression, estimate the fixed cost and variable cost elements of monthly car wash costs. (Round the "Variable cost per unit" to 2 decimal places and "Fixed cost" to the nearest dollar amount. Omit the "$" sign in your response.)

What is Fixed cost $

What is Variable cost per unit $

2. One of Varic Company’s products goes through a glazing process. The company has observed glazing costs as follows over the last six weeks:

Week Units

Produced Total

Glazing Cost

1 8 $ 270

2 5 $ 200

3 10 $ 310

4 4 $ 190

5 6 $ 240

6 9 $ 290

For planning purposes, the company’s management wants to know the amount of variable glazing cost per unit and the total fixed glazing cost per week.

Required:

Using the least-squares regression method, estimate the variable and fixed elements of the glazing cost. (Round your answers to 2 decimal places. Omit the "$" sign in your response.)

What is Fixed cost $

What is Variable cost per unit $

Express the cost data in (1) above in the form Y = a + bX. (Round your answers to 2 decimal places. Omit the "$" sign in your response.)

Y = ? $ + ? $ X

If the company processes seven units next week, what would be the expected total glazing cost? (Round your intermediate and final answers to 2 decimal places. Omit the "$" sign in your response.)

What isTotal expected cost $

We can only answer your free 3 questions one at a time. You have two options to get your questions answered:... View the full answer