EXERCISE 2-12 Cost Behavior, High-Low Mehod (L03, L04] 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 13.6 cents per mile. Reauired: 1. Using the high-low method, estimate the variable and fixed cost elements of the annual cost of truck operation. 2. Express the varrable and fixed costs in the form Y=a+bX. 3. If a truck were driven 100,000 miles during a year, what total cost would you expect to be incurred