Which of the following must be true in order for materials to be classified as direct materials? a. They must be an integral part of the finished product and be a significant portion of the total product cost. b. They must be an integral part of the finished product, but can be an insignificant portion of the total product cost. c. They must be introduced into the process in both work in process inventories and finished goods inventories. d. They must be classified as both prime costs and conversion costs.

Highland company produces a lightweight backpack that is popular with college students. standard variable costs relating to a single backpack are given below

An important application of regression analysis in accounting is in the estimation of cost. by collecting data on volume and cost and using the least squares method to develop an estimated regression equation relating volume and cost, an accountant can estimate the cost associated with a particular manufacturing volume. consider the following sample of production volumes and total cost data for a manufacturing operation. production volume (units) total cost ($) 400 4000 450 5000 550 5400 600 5900 700 6400 750 7000 compute b 1 and b 0 (to 2 decimals if necessary). b 1 b 0 complete the estimated regression equation (to 2 decimals if necessary). = + x what is the variable cost per unit produced (to 1 decimal)? $ compute the coefficient of determination (to 4 decimals). note: report r 2 between 0 and 1. r 2 = what percentage of the variation in total cost can be explained by the production volume (to 2 decimals)? % the company's production schedule shows 500 units must be produced next month. what is the estimated total cost for this operation (to 2 decimals)? $

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