# Using Regression to Calculate Fixed Cost, Calculate the Variable Rate, Construct a Cost Formula,… 1 answer below »

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Using Regression to Calculate Fixed Cost, Calculate the Variable Rate, Construct a Cost Formula, and Determine Budgeted Cost

Pizza Vesuvio makes specialty pizzas. Data for the past 8 months were collected:

Month | Labor Cost | Employee Hours | |||
---|---|---|---|---|---|

January | $7,000 | 360 | |||

February | 8,140 | 550 | |||

March | 9,899 | 630 | |||

April | 9,787 | 610 | |||

May | 8,490 | 480 | |||

June | 7,450 | 350 | |||

July | 9,490 | 570 | |||

August | 7,531 | 310 |

Coefficients shown by a regression program for Pizza Vesuvio’s data are:

Intercept | 4,517 |

X Variable | 8.20 |

In your calculations, round the variable rate per employee hour to the nearest cent.

**Required:**

Use the results of regression to make the following calculations:

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