An important application of regression analysis in accounting is in the estimation of cost. By collecting data on volume and cost and using the least squares method to develop an estimated regression equation relating volume and cost, an accountant can estimate the cost associated with a particular manufacturing volume. Consider the following sample of production volumes and total cost data for a manufacturing operation. Excel file: data14-21.xls Production Volume (units) Total Cost (S) 400 450 4000 5000 5400 550 600 5900 6400 700 750 7000 . Compute bị and bo (to 2 decimals if necessary). b1 bo Complete the estimated regression equation (to 2 decimals if necessary).

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