The State Library of South Australia has incurred the following costs in its Loans Department over the last 6 months of Financial Year 2020-2021.

Month	Number of Loans	Total Cost
Jan	4900	$ 76,200.00
Feb	5300	$ 87,000.00
Mar	6200	$ 90,000.00
Apr	4800	$ 78,100.00
May	5050	$ 80,700.00
Jun	3700	$ 75,000.00

1. Estimate the monthly fixed cost and the variable cost per loan (up to 2 decimal places) using the high-low method. (2 x 2 = 4 marks)
2. State the cost equation for State Library of South Australia. (1 mark)
3. Estimate the cost for Dec if the forecasted loans is 4850. (1 mark)
4. Cite the advantage(s) of using the High Low Method. (2.5 marks)
5. Identify possible drawback(s) of using the High Low Method. (2.5 marks)