Explain how jobs cal be estir quote model based on previous data. Discuss the different methods of cost estimation. Prepare a bid for a job that would require 2,700 direct labor hours. by using a

Principles of Cost Accounting
17th Edition
ISBN:9781305087408
Author:Edward J. Vanderbeck, Maria R. Mitchell
Publisher:Edward J. Vanderbeck, Maria R. Mitchell
Chapter4: Accounting For Factory Overhead
Section: Chapter Questions
Problem 4P: Using the data in P4-2 and Microsoft Excel: 1. Separate the variable and fixed elements. 2....
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Use the following data to generate a quote
model for future business. This can be
accomplished by performing a high-low or
regression analysis to generate an equation
relating direct labor hours to product cost:
Year Quarter Direct labor Manufacturing
hrs.
cost
2014 Q1
2,512
$224,950
2014 Q2 2,432
$214,100
2014 Q3 2,645
$226,840
2014 Q4
2,723
$228,760
2015 Q1
2,355
$211,950
Within your analysis, make sure to include
the following:
Explain how jobs can be estimated by using a
quote model based on previous data.
Discuss the different methods of cost
estimation.
Prepare a bid for a job that would require
2,700 direct labor hours.
Transcribed Image Text:Use the following data to generate a quote model for future business. This can be accomplished by performing a high-low or regression analysis to generate an equation relating direct labor hours to product cost: Year Quarter Direct labor Manufacturing hrs. cost 2014 Q1 2,512 $224,950 2014 Q2 2,432 $214,100 2014 Q3 2,645 $226,840 2014 Q4 2,723 $228,760 2015 Q1 2,355 $211,950 Within your analysis, make sure to include the following: Explain how jobs can be estimated by using a quote model based on previous data. Discuss the different methods of cost estimation. Prepare a bid for a job that would require 2,700 direct labor hours.
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