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XYZ Company uses the formula y = a + bX to predict and analyze overhead costs. In the previous year, XYZ used $1,750 per month for the a factor and $0.35 for the b factor in applying overhead. XYZ has used direct labour hours in the past, but is wondering whether overhead behaviour is more closely associated with machine hours.
The following data have been generated for consideration:
Month Machine hour overhead cost
1
474
52.720
2
471
53.015
3
399
$2.458
4
487
52.947
5
511
52.764
6
418
52.597
Question1 : For April of the coming year, XYZ expects 3,161 direct labour hours and 641 machine hours. Predict overhead costs using
(1) direct labour hours. (Round answer to 0 decimal place, e.g. 1,525.)
(2) machine hours. (Round answer to 0 decimal place, e.g. 1,525.)
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