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 if 2,700 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 high-low method to determine UrbanFit's operating cost equation. (Round the variable cost to the nearest cent.) y = $ Use the operating cost equation you determined above to predict total laboratory overhead if 2,700 lab tests are performed next month. The total laboratory overhead at a volume of 2.700 lab tests is $ Data Table Total Laboratory Month Overhead Costs January February.... March. Number of Lab Tests Performed 3,300 3,150 4,100 4,250 4,500 1,500 April $28,900 $28,300 $32,500 $34,000 $29,900 $17,000 $15,500 eh May... June. July 1,700 Print Done Change in cost Change in volume Highest cost Highest volume Lowest cost Lowest volume Total operating cost Total variable cost