Fiske Corporation manufactures a popular regional brand of kitchen utensils. The design and variety have been fairly constant over the last three years. The managers at Fiske are planning for some changes in the product line next year, but first they want to understand better the relation between activity and factory costs as experienced with the current products. Discussions with the plant supervisor suggest that overhead seems to vary with labor-hours, machine-hours, or both. The following data were collected from the last three years of operations: Quarter Machine-Hours 1 18,850 Labor-Hours 14,905 Factory costs $ 3,388,671 2 18,590 15,477 3,425,136 17,480 16,720 3,617,144 19,240 15,983 3,573,240 21,280 17,501 3,812,284 19,630 17,369 3,777,312 19,240 15,290 3,531,726 18,850 14,366 3,369,102 18,460 15,994 3,512,487 20,670 16,995 3,730,734 17,550 14,278 18,460 18,844 3,182,715 3,723,786 Required: a. Use the high-low method to estimate the fixed and variable portions of factory costs based on labor-hours. b. Managers expect the plant to operate at 22,000 labor-hours next quarter. Assuming the relationship remains the same with the new product line, what are the estimated quarterly factory costs? Complete this question by entering your answers in the tabs below. Required A Required B Use the high-low method to estimate the fixed and variable portions of factory costs based on labor-hours. Note: Round "Variable cost" answer to 2 decimal places. Variable cost (per labor-hour) Fixed cost