Exercise 2-5 High-Low Method [LO2-5 The Cheyenne Hotel in Big Sky, Montana, has accumulated records of the total electrical costs of the hotel and the number of occupancy-days over the last year. An occupancy-day represents a room rented out for one day. The hotel's business is highly seasonal, with peaks occurring during the ski season and in the summer Occupancy Electrical January February March April May June July August September Days 2,620 580 4,080 2,000 2,880 1,750 3,430 940 1,570 4,320 1,210 2,740 Costs $5,100 $1,450 $6,575 $5,000 $5,750 $4,375 $5,965 S2,350 $3,925 $7,060 $3,025 $5,400 November December Required: 1. Using the high-low method, estimate the fixed cost of electricity per month and the variable cost of electricity per occupancy-day. (Do not round your intermediate calculations. Round your Variable cost answer to 2 decimal places and Fixed cost element answer to nearest whole dollar amount) Electrical Days Costs High activity level Low activity level Change per occupancy-day Variable cost Fixed cost element