Required information Use the following information for the Exercises below. (Static) [The following information applies to the questions displayed below.] Felix & Company reports the following information. Units Produced Total Costs 0 Period 1 $ 2,500 2 400 3,100 3 800 3,700 4 1,200 4,300 5 1,600 4,900 10 68119 2,000 5,500 7 2,400 6,100 2,800 6,700 3,200 7,300 3,600 7,900 Required information (1) Use the high-low method to estimate the fixed and variable components of total costs. (2) Estimate total costs if 3,000 units are produced. High-Low method - Calculation of variable cost per unit Cost at highest volume - Cost at lowest volume Highest volume-Lowest volume 8,500 Variable cost per unit = 3,600 $ 2.36 High-Low method - Calculation of fixed costs Total cost at the highest volume Variable costs at highest volume Highest volume Variable cost per unit Total variable costs at highest volume Total fixed costs $ 2.36 Total cost at the lowest volume Variable costs at lowest volume Lowest volume Variable cost per unit Total variable costs at lowest volume Total fixed costs (2) Estimated cost if 3,000 units are produced: Estimated total cost Required information Use the following information for the Exercises below. (Static) [The following information applies to the questions displayed below.] Felix & Company reports the following information. Period Units Produced Total Costs 1 $ 2,500 2 400 3,100 3 800 3,700 4 1,200 4,300 5 1,600 4,900 6 2,000 5,500 7 2,400 6,100 2,800 6,700 3,200 7,300 10 3,600 7,900 Exercise 21-6A (Static) Appendix: Measuring costs using regression LO P1 Use spreadsheet software to use ordinary least-squares regression to estimate the cost equation, including fixed and variable cost amounts. Cost equation= per unit