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:

1. Using high and low method, estimate the variable cost per unit and the fixed costs elements from the above information [3 Marks].
2. Express the variable and fixed costs in the form Y=a+bx [1 Mark].
3. What will be the mixed cost of producing 7,500 units for the Month of July? [2 Marks]
4. Explain the key difference between product and period costs. [ 2 Marks ]