Using Regression to Calculate Fixed Cost Calculate the Variable Rate, Construct a Cost Formula, and Determine Budgeted Cost Pizza Vesuvio makes specialty pizzas. Data for the past 8 months were collected: Labor Cost Employee Hours January $6,900 February 8,140 550 March Month 360 9,899 630 April 9,787 600 May 8,490 480 June 7,450 350 July 9,490 570 August 7,531 310 Coefficients shown by a regression program for Pizza Vesuvio's data are: Intercept 4,431 X Variable 8.37 In your calculations, round the variable rate per employee hour to the nearest cent. Required: Use the results of regression to make the following calculations: 1. Calculate the fixed cost of labor. 1. Calculate the fixed cost of labor. Calculate the variable rate per employee hour. per employee hour 2. Construct the cost formula for total labor cost. Total labor cost - $ * Employee hours) 3. Calculate the budgeted cost for next month, assuming that 680 employee hours are budgeted. Round answer to the nearest dollar