Longberry Corporation manufactures and sells party items. The following representative direct labor hours and production costs are provided for a four-month period: Month May June July August Total Direct Labor Hours 3,600 4,800 6,000 4,800 19,200 Production Costs $15,000 17,500 20,000 17,500 $70,000 Let a = Fixed production costs per month Variable production costs per direct labor hour Number of months Direct labor hours per month Total monthly production costs Summation = Using the high-low method, what is the cost formula for estimating costs? a. Total cost = $2.08X Ob. Total cost = $5,000 + 2.08X c. Total cost = $20,000 + $2.08X Od. Total cost = $7,500 + $2.08X