The managing director of a law firm has the monthly data (below) on total overhealabor hours to bill to clients. Develop a simple linear regression model between bilcosts.Overhead BillableCostsHours375000300042500040004450005000496000600058000070008000605000Round the coefficient to two decimal places, do not include the $ symbol. For eabillable hours, the predicted overhead costs are estimated to increase by109.12 The managing director of a law firm has the monthly data (below) on total overhea labor hours to bill to clients. Develop a simple linear regression model between bi costs. \table [[\table[[Overhead], [Costs]], \table [[Billable], [Hours]]], [375000, 3000], [425000, 4000], [445000, 5000], [496000, 6000], [580000, 7000], [605000, 8000]] Round the coefficient to two decimal places, do not include the $ symbol. For ea billable hours, the predicted overhead costs are estimated to increase by 109.12

Let X = Billable Hours Let Y = Overhead Costs Mx = Mean of x and My = Mean of Y Summary of the data…

Answered: The managing director of a law firm has…

Principles of Accounting Volume 2

19th Edition

ISBN:9781947172609

Author:OpenStax

Publisher:OpenStax

Chapter2: Building Blocks Of Managerial Accounting

Section: Chapter Questions

Problem 9EB: The cost data for BC Billing Solutions for the year 2020 is as follows: Using the high-low method,...

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The managing director of a consulting group has the accompanying monthly data on total overhead costs and professional labor hours to bill to clients. Complete parts a through c. Click the icon to view the monthly data. a. Develop a simple linear regression model between billable hours and overhead costs. Overhead Costs +(9) x Billable Hours (Round the constant to one decimal place as needed. Round the coefficient to four decimal places as needed. Do not include the $ symbol in your answers.) X Monthly Overhead Costs and Billable Hours Data Overhead Costs Billable Hours $315,000 3,000 $360,000 4,000 $385,000 5,000 $438,000 6,000 $520,000 7,000 $540,000 8,000 D Print Done
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1. Create a new Excel sheet in which you will find the delivery cost for each delivery. a. Create a new sheet that has information for each delivery. Name this sheet "lookup." b. In this lookup sheet, look up the hourly rate for the driver for each delivery. Do not enter this information manually! Use the VLOOKUP function. c. For each delivery, calculate the delivery cost as hourly rate for the driver multiplied by time (hours). Fill in the table below for the first ten records. Date Delivery ID Driver Time (Hours) Hourly Rate Cost 20.00 X 1 George 1 1/1 25.00 X 2 Deanna 1.5 1/2 2 3 Ben 1/3 4 Caroline 2 1/3 5 Unknown 1 1/4 6 Elizabeth 2 1/5 1/5 7 Unknown 2.5 8 Unknown 1 1/6 9 Adam 2 1/8 10 Hannah 1.5 1/9 2. Create a new Excel sheet that aggregates the data contained in the lookup sheet to show each driver's activity analysis. a. Create a pivot table in a new sheet; name this new sheet "pivot table."
The cost data for BC Billing Solutions for the year 2020 is as follows: Using the high-low method, express the companys overtime wages as an equation where x represents number of invoices processed. Assume BC has monthly fixed costs of $3,800. Predict the overtime wages if 9,000 invoices are processed. Predict the overtime wages if 6,500 invoices are processed. Using Excel, create a scatter graph of the cost data and explain the relationship between the number of invoices processed and overtime wage expense.
Using the data in P4-2 and Microsoft Excel: 1. Separate the variable and fixed elements. 2. Determine the cost to be charged to the product for the year. 3. Determine the cost to be charged to factory overhead for the year. 4. Determine the plotted data points using Chart Wizard. 5. Determine R2. 6. How do these solutions compare to the solutions in P4-2 and P4-3? 7. What does R2 tell you about this cost model?
Need assistance with question B please: Assuming the following level of cost-driver volumes for a month, what are the accounting department's estimated costs of doing business using the account analysis approach?
e. what is the estimating equation for total cost based on number of clients implied by these results 1. Total cost= $75,500 + ($436.80 x number of clients) 2.Total cost= $75,500 + ($403.20 x number of clients) 3. Total cost= $75,500 + ($50.40 x number of counseling hours)
What is the level of fixed costs? General accounting
The graphs below represent cost behavior patterns that might occur in acompany's cost structure. The vertical axis represents total cost, and thehorizontal axis represents activity output. Required:For each of the following situations, choose the graph from the group a-1 that best illustrates the cost pattern involved. Also, for each situation,identify the driver that measures activity output. 1. The cost of power when a fixed fee of $500 per month is chargedplus an additional charge of $0.12 per kilowatt-hour used2. Commissions paid to sales representatives. Commissions arepaid at the rate of 5 percent of sales made up to total annual salesof $500,000, and 7 percent of sales above $500,000.3. A part purchased from an outside supplier costs $12 per part for the first 3,000 parts and $10 per part for all parts purchased inexcess of 3,000 units.4. The cost of surgical gloves, which are purchased in incrementsof 100 units (gloves come in boxes of 100 pairs).5. The cost of tuition at a…
Exercise 10-32 (Algo) Activity-Based Costing of Customers (LO 10-3, 4) Northwestern Bank (NB) offers only checking accounts. Customers can write checks and use a network of automated teller machines. NB earns revenue by investing the money deposited; currently, it averages 4.1 percent annually on its investments of those deposits. To compete with larger banks, NB pays depositors 0.3 percent on all deposits. A recent study classified the bank's annual operating costs into four activities. Activity Using ATM Visiting branch Processing transactions Managing functions Total overhead Cost Driver Number of uses Number of visits Number of transactions Total deposits Cost $ 1,936,800 1,900,800 8,521,920 7,321,600 $ 19,681,120 Driver Volume 3,228,000 uses 396,000 visits 129,120,000 transactions $ 615,035,000 in deposits Data on two representative customers follow: Emily Jacob ATM uses 40 130 Branch visits 5 Number of transactions Average deposit 200 45 520 $ 10,000 $ 10,000
The managing director of a consulting group has the accompanying monthly data on total overhead costs and professional labor hours to bill to clients. Complete parts a through c. Click the icon to view the monthly data. a. Develop a sim Overhead Costs (Round the const Monthly Overhead Costs and Billable Hours Data Overhead Costs Billable Hours $385,000 2,000 $425,000 3,000 $445,000 4,000 $496,000 5,000 $560,000 6,000 $580,000 7,000 - clude the $ symbol in your answers.)
a-1. What is the cost per unit for paychecks processed? a-2. What is the cost per unit for customer accounts maintained? a-3. What is the cost per unit for special analyses performed? b. Assuming the followiing level of cost-driver volumes for a month, what are the accounting department's estimated costs of doing busines using the account analysis approach? -1000 paycheck processed -200 customer accounts maintained -3 special analyses

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