Speedy Parcel Service operates a fleet of delivery trucks in a large metropolitan area. A careful study by the company's cost analyst has determined that if a truck Is driven 120,000 mles during a year, the average operating cost Is 11.6 cents per mile. If a truck is driven only 80,000 miles during a year, the average operating cost Increases to 13.6 cents per mile. Required: 1.& 2 Using the high-low method, estimate the varlable and fixed cost elements of the annual cost of truck operation. (Round the "Varlable cost per mile" to 3 decimal places.) Miles Total Annual Driven Cost High level of activity Low level of activity Change per unit Variable cost per mile Fixed cost per year 3. If a truck were driven 100,000 miles during a year, what total cost would you expect to be Incurred? Total annual cost