7 E5-20 (Algo) Estimating Cost Behavior Using High-Low Method, Preparing Contribution Margin Income Statement [LO 5-3, 5-5) 2 Doints Joyce Murphy runs a courier service in downtown Seattle. She charges clients $0.60 per mile driven. Joyce has determined that if she drives 2,250 miles in a month, her total operating cost is $625. If she drives 3,350 miles in a month, her total operating cost is $845. Required: 1. Using the high-low method, determine Joyce's variable and fixed operating cost components. 2. Complete the contribution margin income statement for Joyce's service assuming she drove 1,400 miles last month. (Assume this falls within the relevant range of operations). Answer is not complete. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Complete the contribution margin income statement for Joyce's service assuming she drove 1,400 miles last month. (Assume this falls within the relevant range of operations). JOYCE MURPHY Contribution Margin Income Statement For the Last Month Sales Revenue $ 840 Variable Costs 280 Contribution Margin Net Operating Income