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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:

MonthLabor CostEmployee Hours
January$7,000360
February8,140550
March9,899630
April9,787610
May8,490480
June7,450350
July9,490570
August7,531310

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

Intercept4,517
X Variable8.20

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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