The manager of the main laboratory facility at UrbanFit Center is interested in being able to predict the overhead costs each month fo ger believes that total overhead varies with the number of lab tests performed but that som costs remain the same each month regardless of the number of lab tests performed. The lab manager collected the following data for the first seven months of the year. (Click the icon to view the data.) Use the high-low method to determine the laboratory's cost equation for total laboratory overhead. Use your results to predict total laboratory overhead if 3,500 lab tests are performed next month. Let's begin by determining the formula that is used to calculate the variable cost (slope). =Variable cost (slope) Now determine the formula that is used to calculate the fixed cost component. Data table Fixed cost Use the high-low method to determine UrbanFit's operating cost equation. (Round the variable cost to the nearest cent.) Month January Number of Lab Tests Performed Total Laboratory Overhead Costs 3,100 $22,800 y= x + February 2,750 $21,700 March 3,350 $23,900 Use the operating cost equation you determined above to predict total laboratory overhead if 3,500 lab tests are performed next month. April 3,750 $28,100 The total laboratory overhead at a volume of 3,500 lab tests is May 4,000 $27,500 June 2,000 $19,500 July 3,900 $27,100 Print Done - X