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Instructions 1 Atimwer Ali questroms 3 Marks allocared for each quesuon is...

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Accounting

Instructions
1 Atimwer Ali questroms
3 Marks allocared for each quesuon is mdraied aa bhe end of the quesuon:
3 Show ill you warkmge
Questian Ome
2020
Requred
a) Estumete the cost functron usmg the followigg methods:
(4) Figh lorty ritethod
(ii) Regression anilyssy method
moured for 60 madtime hours:
answersThe following information relates to bright star company ltd for the year ended 31st December 2022
Machine hour Overhead costs
4010,000
359,000
5012,500
4511,500
206,000
308,500
256,500
5513,500
4311,000
389,400
288,200
328,700
Required
a) Estimate the cost function using the following methods.
(i) High low method (4 marks)
(ii) Regression analysis method (8 marks)
b) Using the functions obtained in (a)(i) and (ii) above estimate the overhead costs to be incurred for 60 machine hours (4 marks)
c) Calculate correlation coefficient and coefficient of determination and interpret your answers
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