Develop an estimate of fixed and variable costs for labor expenses based on the data presented below. Determine your estimates by using the high-low and semi-averages methods and simple regression. Data for Variable Fixed Cost Example SOLUTION: PERIOD 1 OUTPUT IN UNITS HOURS WORKED 17,423 3,231 2 20,325 4,341 3 15,785 3,349 4 21,342 4,364 5 22,432 4,983 6 13,764 3,236 HIGH-LOW SEMI-AVERAGES SIMPLE REGRESSION VARIABLE AND FIXED COST ESTIMATES: VARIABLE HOURS/UNIT FIXED HOURS