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Managerial Accounting: The Corners...

7th Edition
Maryanne M. Mowen + 2 others
ISBN: 9781337115773

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BuyFindarrow_forward

Managerial Accounting: The Corners...

7th Edition
Maryanne M. Mowen + 2 others
ISBN: 9781337115773
Textbook Problem
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Describe the method of least squares. Why is this method better than either the high-low method or the scattergraph method?

To determine

Explain the method of least squares and also explain its advantage over high-low and scatter graph method.

Explanation

Method of Least Square:

The method which helps in determining the best fitting line by using various data points so as to segregate fixed cost and variable cost from mixed cost is known as least square method.

The line that best fits the data points is selected in least square method. It also helps to identify the strength of the cost and output relationship...

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