04 May Fitzgerald Manufacturing Has Been Using Activity Based Costing To Determine The Cost Of Product …
week units inspected inspection labor-hours inspection costs 1 1400 190 $3,700.00 2 400 70 $1,800.00 3 1700 230 $4,500.00 4 2400 240 $5,900.00 5 2100 210 $5,300.00 6 700 90 $2,400.00 7 900 110 $2,900.00
fitzgerald manufacturing has been using activity based costing to determine the cost of product x. one of the activities, “inspection,” occurs just before the product is finished. Fitzgerald inspects every 10th unit, and has been using “number of units inspected” as the cost driver for inspection costs. a significant component of inspection costs is the cost of the test kit used in each inspection. Neela Mc Feen, the line manager, is wondering if inspection labor-costs might be a better cost driver for inspection costs. Run 2 regressions for different cost drivers, graphing the simple regressions, and determine the most appropriate regression to use. Provide values for goodness of fit, t-stat, F test, % standard error, and a cost equation. (Excel) cost functions: Inspecion costs= $977+($2.05xnumber of units inspected) and inspection costs=$478+($20.31xInspection labor-hours)
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