Fahrenheit Co. manufactures a product that requires the use of a considerable amount of natural gas to heat it to a desired temperature. The process requires a constant level of heat, so the furnaces are maintained at a set temperature for 24 hours a day. Although units are not continuously processed, management desires that the variable cost be charged directly to the product and the fixed cost to the factory overhead. The following data has been collected for the year: Month Units Cost Jan 2,400 4,400 Feb 2,300 4,300 Mar 2,200 4,200 Apr 2,000 4,000 May 1,800 3,800 Jun 1,900 3,900 Jul 2,200 4,400 Aug 2,100 4,100 Sep 2,000 3,800 Oct 1,400 3,400 Nov 1,900 3,700 Dec 1,800 4,050 Total 24,000 $48,050 1. Separate the variable and fixed elements, using the high-low method. 2. Determine the cost to be charged to the product for the year. 3. Determine the cost to be charged to factory overhead for the year