Metro Taxi Company accumulates the following data concerning a mixed cost, using miles as the activity level. January February Instructions Miles Driven 20,000 16,000 Total Cost $30,000 $28,000 March April Miles Driven 18,000 Total Cost $29,500 15,000 Compute the variable and fixed cost elements using the high-low method. $26,000 $30,000-$26,000 20,000 15,000 $4,000 5,000 High point II .80/mile Total cost $ 30,000 minus variable cost 16,000 (.80 x 20,000) fixed cost $ 14,000