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Using the least-squares regression method, the estimate of the fixed component of inspection cost per month is closest to:

Using the least-squares regression method, the estimate of the fixed component of inspection cost per month is closest to:

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Lacourse Incorporated's inspection costs are listed below: January February March April May June July August Units Produced 430 380 449 Multiple Choice O $1,801 $5,813 $5,639 464 406 $1,759 381 456 407 Management believes that inspection cost is a mixed cost that depends on units produced. Using the least-squares regression method, the estimate of the fixed component of inspection cost per month is closest to: Inspection Costs $ 6,130 $ 5,639 $ 6,345 $ 6,483 $ 5,889 $ 5,642 $ 6,410 $ 5,902
Transcribed Image Text:Lacourse Incorporated's inspection costs are listed below: January February March April May June July August Units Produced 430 380 449 Multiple Choice O $1,801 $5,813 $5,639 464 406 $1,759 381 456 407 Management believes that inspection cost is a mixed cost that depends on units produced. Using the least-squares regression method, the estimate of the fixed component of inspection cost per month is closest to: Inspection Costs $ 6,130 $ 5,639 $ 6,345 $ 6,483 $ 5,889 $ 5,642 $ 6,410 $ 5,902
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