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EXERCISE 3–11 Journal Entries and T-Accounts [LO2, LO4, LO5] Foley Company uses a job-order

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PROBLEM 2A–4 Least-Squares Regression; Scattergraph; Comparison of Activity Bases [LO3, LO8] The… 1 answer below » PROBLEM 2A–4 Least-Squares Regression; Scattergraph; Comparison of Activity Bases [LO3, LO8] The Hard Rock Mining Company is developing cost formulas for management planning and decision-making purposes. The company’s cost analyst has concluded that utilities cost is a mixed cost, and he is attempting to find a base with which the cost might be closely correlated. The con- troller has suggested that tons mined might be a good base to use in developing a cost formula. The production superintendent disagrees; she thinks that direct labor-hours would be a better base. The cost analyst has View complete question » PROBLEM 2A–4 Least-Squares Regression; Scattergraph; Comparison of Activity Bases [LO3, LO8] The Hard Rock Mining Company is developing cost formulas for management planning and decision-making purposes. The company’s cost analyst has concluded that utilities cost is a mixed cost, and he is attempting to find a base with which the cost might be closely correlated. The con- troller has suggested that tons mined might be a good base to use in developing a cost formula. The production superintendent disagrees; she thinks that direct labor-hours would be a better base. The cost analyst has decided to try both bases and has assembled the following information: First . . . . . . . . . . . . . . . . . . . 18,000 10,000 $100,000 Second . . . . . . . . . . . . . . . . 25,000 9,000 $105,000 Third . . . . . . . . . . . . . . . . . 30,000 8,000 $85,000 Fourth . . . . . . . . . . . . . . . . 28,000 11,000 $120,000 Required: 1.       Using tons mined as the independent ( X ) variable: a. Determine a cost formula for utilities cost using the least-squares regression method. b. Prepare a scattergraph and plot the tons mined and utilities cost. (Place cost on the verti- cal axis and tons mined on the horizontal axis.) Fit a straight line to the plotted points using the cost formula determined in ( a ) above. 2.       Using direct labor-hours as the independent ( X ) variable, repeat the computations in ( a ) and ( b ) above. 3.       Would you recommend that the company use tons mined or direct labor-hours as a base for planning utilities cost? View less » Dec 07 2015 05:40 PM


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