Question 1: The following information relating to production and mixed costs are extracted from the book of a manufacturing firm: Months Production (Units) Mixed costs January 6,800 $31,580 February 6,400 $30,420 March 7,200 $32,740 April 8,000 $35,060 May 6,600 $31,000 June 7,000 $32,160 Requirements: Using high and low method, estimate the variable cost per unit and the fixed costs elements from the above information [3 Marks]. Express the variable and fixed costs in the form Y=a+bx [1 Mark]. What will be the mixed cost of producing 7,500 units for the Month of July? [2 Marks] Explain the key difference between product and period costs. [ 2 Marks ]