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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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