The controller of Joy Co has requested a quick estimate of the manufacturing supplies needed for July when production is expected to be 470,000 units.Below are actual data from the prior three months of operations:
Using these data and the high-low method,what is the best estimate of the cost of manufacturing supplies that would be needed for July? (Assume that this activity is within the relevant range.)
Definitions:
Standard Deviation
A measure of the amount of variation or dispersion of a set of values; quantifies how much the values of a dataset deviate from the mean.
Interquartile Range
A measure of statistical dispersion, which is the difference between the first and third quartiles in a dataset, showing the spread of the middle 50% of values.
Closing Stock Price
The last price at which a stock is traded on a particular trading day, representing the final market valuation of the stock for that day.
Mode
The value that appears most frequently in a data set, representing the highest peak in the distribution of frequencies.
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