Im in mangerial account and this is our tests. we haven't learned this yet. Someone please help

ACCT 1220 Chapters 387 test (ly . Protected View . Saved to this PC . Julia M. Tucker (Stude Design Layout References Mailings Review View Help om the Internet can contain viruses. Unless you need to edit, it's safer to stay in Protected View. Enable Editing Name & ID# 1. Graber and Johnson, Attorneys at Law, recently opened a law practice in the Northwest. Their goal is to generate a monthly net income of $10,000. They have initially set their billing rate at $150 per hour. Their billable hours in the first month of operations (January) were 150 and in the second month of operations (February), 175 billable hours. The costs incurred at these levels for January and February are given below- 150 billable hours 175 billable hours Salaries: Mr. Graber $10,000.00 $10,000.00 Ms. Johnson 10,000 00 10,000.00 Legal secretary 4,000.00 4,000.00 Depreciation (furniture) 500.00 500.00 Supplies 450.00 525.00 Rent 1,000.00 1,000.00 Utilities 412.00 449.50 Total cost $26,362.00 $26,474.50 Required: A Classify each cost as fixed, variable, or mixed using billable hours as the driver. B. Use the high-low method to separate mixed costs into their fixed and variable C. components. Compute the net income/loss for January and February. D If they expect to average 200 billable hours each month what do they need to set as a billing rate per hour to achieve their goal of generating $10,000 of monthly net income? Show your calculations. Focus