The manager of the main laboratory facility at UrbanFit Center is interested in being able to predict the overhead costs each month for the lab. The manager believes that total overhead varies with the number of lab tests performed but that some 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 ir 3,000 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 Fixed cost Use the ow method to determine UrbanFit's operating cost equation (Round the variable cost to the nearest cent.) y = $ X + $ Use the operating cost equation you determined above to predict total laboratory overhead if 3,000 lab tests are performed next month. The total laboratory overhead at a volume of 3,000 lab tests is $ Choose from any list or enter any number in the input fields and then continue to the next question View all Solution 0. The manager of the main laboratory facility at UrbanFit Center is interested in being able to predict the overhead costs each month for the lab. The m total overhead varies with the number of lab tests performed but that some costs remain the same each month regardless of the number of lab tests 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 are performed next month. - X Data Table pry overhe: Let's begin by determining the formula that is used to Month hat is used to calculate determine UrbanFit's opg Change in cost Change in volume Highest cost Highest volume Lowest cost Lowest volume Total operating cost Total variable cost January February March April Number of Lab Tests Performed 3,300 3,100 3,900 3,850 4,100 2,100 2,300 Total Laboratory Overhead Costs $29,000 $28,500 $30,000 $31.000 $26,500 $19.100 $15.900 May tion you determined abos June July id at a volume of 3,000 la Print Dono Choose from any list or enter any number in the in 280 arer