E21-6 Analyzing Break Even and Preparing Contribution Margin Income Statement Cory Bryant runs a courier service in downtown Phoenix. He charges clients $0.50 per mile driven. Cory has determined that if he drives 3,000 miles in a month, his total operating cost is $875. If he drives 4,000 miles in a month, his total operating cost is $1,025. Required: 1. Using the high-low method, determine Cory’s variable and fixed operating cost components. Show this as a cost formula. 2. Determine how many miles Cory will need to drive to break even. 3. Prepare a contribution margin income statement for Cory assuming he drove 2,400 miles last month.