Hoi Chong Transport, Ltd. operates a fleet of delivery trucks in Singapore. The company has determined that if a truck is driven 111,000 kilometres during a year, the average operating cost is 12.506 cents per kilometre. If a truck is driven only 76,000 kilometres during a year, the average operating cost increases to 15.1 cents per kilometre. (The Singapore dollar is the currency used in Singapore.) Required: 1. Using the high-low method, estimate the variable and fixed cost elements of the annual cost of truck operation. (Round the "Variable cost" to 5 decimal places. Round "Fixed cost" to 2 decimal places.) Variable cost Fixed cost per kilometre per year 2. Express the variable and fixed costs in the form Y= a + bx. (Round the "Variable cost" to 5 decimal places. Round "Fixed cost" to 2 decimal places.) Y =