ine months in Brentline EXERCISE 3-8 High-Low Method; Predicting Cost [LO2] The number of blood tests performed and the related costs over the last nine months Hospital are given below: Blood Tests Performed Blood Test Costs Month 3,125 3.500 2,500 2,125 January... February March .. April.... May .... June .......... July August ..... September ... 2,250 $14,000 $14.500 $11.500 $10,000 $11,000 $ 8.500 $ 8,400 $12,000 $13,000 1,500 1,550 2,750 2,875 Required: 1. Using Microsoft Excel, prepare a scattergram using the data from Exercise 3-8. Plot cost on the vertical axis and activity on the horizontal axis. Use the "add trendline" feature of Microsoft Excel to fit a line through the points on your scattergram. 2. Scrutinize the points on your graph, and explain why the high-low method would or would not yield an accurate cost formula in this situation. ine months in Brentline EXERCISE 3-8 High-Low Method; Predicting Cost [LO2] The number of blood tests performed and the related costs over the last nine months Hospital are given below: Blood Tests Performed Blood Test Costs Month 3,125 3.500 2,500 2,125 January... February March .. April.... May .... June .......... July August ..... September ... 2,250 $14,000 $14.500 $11.500 $10,000 $11,000 $ 8.500 $ 8,400 $12,000 $13,000 1,500 1,550 2,750 2,875 Required: 1. Using Microsoft Excel, prepare a scattergram using the data from Exercise 3-8. Plot cost on the vertical axis and activity on the horizontal axis. Use the "add trendline" feature of Microsoft Excel to fit a line through the points on your scattergram. 2. Scrutinize the points on your graph, and explain why the high-low method would or would not yield an accurate cost formula in this situation