Exercise (From 3-5 Seal et al 5n Ed, page 89-90) St Mark's Hospital contains 450 beds. The average occupancy rate is 80% per month. In other words, on average, 80% of the hospital's beds are occupied by patients. At this level of occupancy, the hospital's operating costs are 3; per occupied bed per day, assuming a 30-day month. This 32 figure contains both variable andixixed cost elements. During June, the hospital's occupancy rate was only 60%. A total of 326,700 in operating cast was incurred during the month. Required: 1. Using the high-low method, estimate: a. The variable cost per occupied bed on a daily basis b. The total fixed cost operating cost per month. 2. Assuming an occupancy rate of 70% per month. What amount of total operating cost would you expect the hospital to incur? 3. Information about and use of (i) Direct/Indirect costs, (ii) Fixed and Variable costs are important for managing via accounting. Briefly write down and describe the 2 concepts pairs above and how they can be useful in managing the hospital (300-500 words)