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2. WRKSHT 2 – High/Low Method Computationsa. Determine the Cost Estimation Equations assumingi. Independent Variable = “Thousands of Units Produced”ii. Independent Variable = “Number of Paid Days”b. Determine the Cost Estimates for the cost equations above.(SEE BELOW for “Information for Computing Cost Estimates” on nextpage)3. WRKSHT 3 – Simple Regression - Indep. Variable =“Thousands of Units Produced”a. Complete and format the regression results, thenb. Document the cost estimation equation, and c. Determine thecost estimate using the equation determined in b.(SEE BELOW for “Information for Computing Cost Estimates” onnext page)4. WRKSHT 4 – Simple Regression - Indep. Variable =“Number of Paid Days”a. Complete and format the regression results, thenb. Document the cost estimation equation, andc. Determine the cost estimate using the equation determined inb.(SEE BELOW for “Information for Computing Cost Estimates” onnext page)5. WRKSHT 5 – Multiple Regression Analysisa. Complete and format the regression results, thenb. Document the cost estimation equationc. Determine the cost estimate using the equation determined(SEE BELOW for “Information for Computing Cost Estimates”)INFORMATION FOR COMPUTING COST ESTIMATES: Assume thatAngora Wraps for next January estimates that it will produce 140thousand Units of Product and expect 23 Paid Days. To Do: Calculatethe 5 cost estimates using the 5 cost estimation equations you’vedeveloped from the High/Low (2), Simple (2), and MultipleRegression (1) worksheets. Document each of these cost estimates oneach of your applicable worksheets.MonthThousands of Units ProducedNumber of Paid DaysDirect Labor CostJanuary9820$14,162February7620$12,994March7521$15,184April8022$15,038May8522$15,768June10221$15,330July5219$13,724August13621$14,162September13822$15,475October13223$15,475November8618$12,972December5621$14,074