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 $7,300 330 February 10,199 520 March 8,440 610 April 10,087 580 May 8,790 450 June 7,831 320 July 9,790 540 August 7,750 280 Assume that this information was used to construct the following formula for monthly labor cost. Total Labor Cost = $7,165 + ($2.09 X Employee Hours) Required: Assume that 3,800 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. 7,942 2. Calculate total fixed labor cost for the coming year. Round your answer to the nearest dollar. $ 2,265 X 3. Calculate total labor cost for the coming year. Round your answer to the nearest dollar. $ 15,107 X