Changing the Cost Formula for a Month to the Cost Formula for a Year During the past year, the high and low use of three different resources for Fly High Airlines occurred in July and April. The resources are airplane depreciation, fuel, and airplane maintenance. The number of airplane flight hours is the driver. The total costs of the three resources and the related number of airplane flight hours are as follows: Resource Airplane depreciation: High Fuel: Low Airplane Flight Hours Total Cost 44,000 $ 18,200,000 28,000 $18,200,000 High 44,000 445,896,000 Low 28,000 283,752,000 Airplane maintenance: High 44,000 16,768,000 Low 28,000 12,272,000 Required: If required, round calculations and answers to nearest dollar. EXCEPT round variable rate per hour to the nearest cent. 1. Develop an annual cost formula for airplane depreciation. Total annual cost of airplane depreciation = Develop an annual cost formula for fuel. Total annual cost of fuel = x Develop an annual cost formula for airplane maintenance. Total annual cost of airplane maintenance = ( x($ x $ ) + ($ x Airplane depreciation: Fuel: High Low 44,000 $18,200,000 28,000 $18,200,000 High 44,000 445,896,000 Low 28,000 283,752,000 Airplane maintenance: High 44,000 16,768,000 Low 28,000 12,272,000 Required: If required, round calculations and answers to nearest dollar. EXCEPT round variable rate per hour to the nearest cent. 1. Develop an annual cost formula for airplane depreciation. Total annual cost of airplane depreciation - x($ Develop an annual cost formula for fuel. x Total annual cost of fuel = $ Develop an annual cost formula for airplane maintenance. Total annual cost of airplane maintenance = x $ ) + ($ x 2. Using the three annual cost formulas that you developed, predict the cost of each resource in a year with 486,000 airplane flight hours. Total annual cost of airplane depreciation Total annual cost of fuel Total annual cost of airplane maintenance