McGarvey Manufacturing Company had the following 12 months of data on purchasing cost and number of purchase orders. Number of Purchase Orders Month Purchasing Cost 370 January February $19,250 18,050 ju March 18,020 120 April 18,050 410 May 100 19,315 19,500 lunc 4501 lially 19,670 4601 August 20,940 560 September 19,430 440 October 20,020 600 November 18,300 470 December 19,40 480 Required: 1. Determine the high point and the low point. Month with high number of purchase orders October Month with low number of purchase orders March 2. Calculate the variable rate for purchasing cost based on the number of purchase orders. (Round to the nearest cent.) 6.5 X per purchase order 3. Calculate the fixed monthly cust of purchasing. . 16,120 x 4. Write the cost formula for the purchasing activity showing the fixed cost and the variable rate. Round variable rate to the nearest cent. Total purchasing cost 16,120 X + x Purchase orders ) 5. If McGarvey Manufacturing Company estimates that next month will have 20 purchase orders, what is the total estimated purchasing cost for that month 19,210 X x 6. What if McGarvey Manufacturing wants to estimate purchasing cost for the coming year and expects 6,000 purchase orders? What will estimated total purchasing cust be