The Gangwere Company has assembled the following data pertaining to certain costs that cannot be easily identified as either fixed or variable.Gangwere Company has heard about a method of measuring cost functions called the high-low method and has decided to use it in this situation.
Required:
Using the high-low method determine the forecasted cost for July if the number of hours used is expected to be 3,200.
Definitions:
Regression Inference
The process of making predictions or drawing conclusions about a population based on the linear relationship between variables analyzed through regression analysis.
Proficiency Test
An assessment designed to measure a person’s skill or knowledge in a particular area.
Regression Analysis
A statistical method that analyzes the relationship between a dependent variable and one or more independent variables to understand if and how the dependent variable changes when any one of the independent variables is varied.
Radioactive Waste
Hazardous materials that contain radioactive substances and require special handling and disposal procedures to protect human health and the environment.
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