Exercise 2-12 Cost Behavior; Hig h-Low Method [LO2-3, LO2-4] Speedy Parcel Service operates a fleet of delivery trucks in a large metropolitan area. A careful study by the company's cost analyst has determined that if a truck is driven 120,000 miles during a year, the average operating cost is 11.6 cents per mile. If a truck is driven only 80,000 miles during a year, the average operating cost increases to 136 cents per mile Required: 18 2 Using the high-low method, estimate the variable and fixed cost elements of the annual cost of truck operation. (Round the "Variable cost per mile" to 3 decimal places.) Driven Cost High ievel of activity Change Variable cost per mile per unit Fixed cost per year