Wyman Company owns two luxury automobiles that are used by employees on company business. Mileage and expenses, excluding depreciation, by quarters for the most recent year are presented below:
Required: Determine the variable cost per mile (nearest tenth of a cent) and the fixed costs per quarter, using the method of least squares.
Correct Answer:
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_X = 12,000/4 = 3,000/miles per quarte...
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