Part 2 (20 minutes maximum): Complete the following practice exam problem. Kelly's Kayak Adventures provides raft and kayak trips on the Salmon River. The previous year's administrative costs per month were as follows: MONTH GUEST-DAY ADMINISTRATIVE COSTS April 2,500 $317.500 May 3,500 $385,000 June 5,800 $410,000 July 7,300 $ 485,000 August 8,000 $ 510,000 September 4,000 $ 415,000 The following information is available for the month of July: Number of raft trips in July 600 Number of guests days 5,600 Price paid by each guest per day $ 150 Number of guests days 5,600 Price paid by each guest per day $ 150 Wage paid to raft guide for each raft trip $ 75 Administrative costs (mixed cost based on number of guest days - prior year data above) Calculate using High-lo method. Equipment and other overhead costs (50% variable: 50% fixed) $ 200,000 Selling Costs per month $5,000 Required: 1. Using the High-Low Method calculate for the administrative costs: A. The variable cost per guest-day. B. The fixed costs per month. C. The cost formula for administrative costs. 2. Prepare an Income Statement for the month of July using the contribution margin format in proper form. (REMEMBER - "in proper form" means you need to include the appropriate header.)