Exercise 5A-1 (Algo) High-Low Method [LO5-10] The Cheyenne Hotel in Big Sky, Montana, has accumulated records of the total electrical costs of the hotel and the number of occupancy-days over the last year. An occupancy-day represents a room rented for one day. The hotel's business is highly seasonal, with peaks occurring during the ski season and in the summer. Month January February Electrical Costs $ 16,450 $ 15,000 $9,000 $ 18,500 $4,050 $ 8,250 Occupancy Days 3,290 3,160 March 1,800 April 4,430 May 970 June 1,650 July 4,150 $ 18,020 August 4,160 $ 18,070 September 2,050 $10,250 October 1,110 November December 780 2,810 $ 5,550 $ 3,900 $ 14,050 Required: 1. Using the high-low method, estimate the fixed cost of electricity per month and the variable cost of electricity per occupancy-day. (Do not round your intermediate calculations. Round your Variable cost answer to 2 decimal places and Fixed cost element answer to nearest whole dollar amount.) Answer is complete but not entirely correct. Variable cost of electricity 4.10 per occupancy-day Fixed cost of electricity $ 17,056 per month