Functions: MAX, MIN, SLOPE, INTERCEPT: Formula: Add, Multiply: Cell Referencing E2.10 - Using Excel to Use the High-Low Method Student Work Area PROBLEM Required: Provide input into cells shaded in yellow in this template. After graduating from dental school two years ago, Dr. Lauren Use the MAX, MIN, SLOPE, and INTERCEPT functions with cell Farish purchased the dental practice of a long-time dentist who references to the Problem area or work area, and mathematical was retiring. She purchased the practice in January of this year and immediately had to replace the outdated autoclave formulas with cell references to the Problem or work area as indicated. equipment she inherited from the previous dentist. Now, as she is preparing her budget for next year, she is concerned about Activity Level Cost understanding how her cost for sterilizing her dental instruments a. High activity level has changed. She has gathered the following information from Low activity level her records Variable cost per unit Number of Total Month Instruments Used Autoclave Cost b. Total fixed costs January 850 $ 7,600 February 750 6,800 c. Total cost = '+ March 920 8,200 April 950 8,600 d. Budgeted cost May 1,150 9,900 June 900 8,100 July 1,050 9,600 August 975 8,700 1 2 3 4 5 6 7 3 a. Use Excel's MAX and MIN functions to identify the high and low data points to be used with the high-low method. Then use the SLOPE function to determine the variable cost per unit of sterilizing an instrument using the new equipment. b. Use Excel's INTERCEPT function to determine the fixed cost of the autoclave equipment? C. What is the cost formula that Dr. Farish should use for estimating autoclave sterilization costs for next year's budget? d. Dr. Farish is estimating instruments for next month, what cost should she include in her budget for instrument sterilization? Number of instruments 900