Using High-Low to Calculate Predicted Total Variable Cost and Total Cost for a Time Period that Differs from the Data Period Pizza Vesuvio makes specialty pizzas. Data for the past 8 months were collected: Month Labor Cost Employee Hours January $7,200 370 February 10,099 560 March 8,340 670 April 9,987 620 May 8,690 490 June 7,731 360 July 9,690 580 7,650 320 August Assume that this information was used to construct the following formula for monthly labor cost. Total Labor Cost $7,020 + ($1.97 X Employee Hours) Required: Assume that 4,100 employee hours are budgeted for the coming year. Use the total labor cost formula to make the following calculations: 1. Calculate total variable labor cost for the coming year. Round your answer to the nearest dollar. 2. Calculate total fixed labor cost for the coming year. Round your answer to the nearest dollar. 3. Calculate total labor cost for the coming year. Round your answer to the nearest dollar.