Okafor Company manufactures skis. The management accountant wants to calculate the fixed and variable costs associated with the leasing of machinery. Data for the past four months were collected.​ ​ Month Lease cost  Machine hours April $21,000 550        May   16,500 420        June   19,000 510        July   22,230 570 ​ ​ What would Okafor Company's cost formula be to estimate the cost of leasing within the relevant range?

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Thane Company is interested in establishing the relationship between electricity costs and machine hours. Data have been collected and a regression analysis prepared using Excel. The monthly data and the regression output follow:   Month Machine Hours Electricity Costs January 2,500 $ 18,400   February 2,900   21,000   March 1,900   13,500   April 3,100   23,000   May 3,800   28,250   June 3,300   22,000   July 4,100   24,750   August 3,500   22,750   September 2,000   15,500   October 3,700   26,000   November 4,700   31,000   December 4,200   27,750        Summary Output Regression Statistics Multiple R 0.965 R Square 0.932 Adjusted R2 0.925 Standard Error 1,425.18 Observations 12.00     Coefficients Standard Error t Stat P-value Lower 95% Upper 95% Intercept 3,726.88 1,682.82 2.21 0.05 (22.69) 7,476.45 Machine Hours 5.77 0.49 11.7 0.00 4.67 6.87   The percent of the total variance that can be explained by the regression is:…