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The new cost analyst in your accounting department has just received a computer-generated report that contains the results of a simple regression program for cost estimation. The summary results of the report appear as follows:
Variable Coefficient Standard Error t-Value
Constant $35.92 $16.02 2.24
Independent variable $563.80 $205.40 2.74
r2 = 0.75
Required:
a. What is the cost estimation equation according to the report?
b. What is the goodness of fit? What does it tell about the estimating equation?
Miller Company needs an estimate of its ending inventory balance. The following information is available.
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