Question

The quantities of assemblies produced by Abram Ltd during the year ended 31 December 2012 and the related costs are as below; ​​​​​​​ ​​ Month ​​​Production ​​Factory costs £000s ​​January ​​​​ 8 ​​​​50 ​ ​
February ​​​​11​​​​62 ​​​ March ​​​​​15 ​​​​85 ​ ​​ April ​​​​​16 ​​​​92 ​ May ​​​​​12 ​​​​72 ​ ​​ June ​​​​​ 7 ​​​​49 ​ ​​ July ​​​​​ 6 ​​​​37 ​​​ August ​​​​ 5 ​​​​35 ​ ​ September ​​​​ 4 ​​​​27 ​​ October ​​​​ 3 ​​​​22 ​ ​ November ​​​​ 1 ​​​​16 ​​ December ​​​​ 6 ​​​​37 ​
Assume that the costs remained stable throughout the year. ​
a) Draw a scatter diagram related to the data provided above and plots on it the line of best fit. [10]
b) i Calculate the expected factory cost if 13,000 castings were produced in a particular month. ii Estimate Abram’s monthly fixed costs.

Answer 1

Answer:

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