LO 2-6 Problem 2-27B Estimating fixed and variable cost Jenkins Frames Company, which manufactures ornate frames for original art work, began operations in January 2018. Bruce Preston, the owner, asks for your assistance. He believes that he needs to better understand the cost of the frames for pricing purposes. You have collected the following data concern- ing actual production over the past year: Month Total Cost January February March April May June July August September October November December Number of Frames Produced 1,600 7,200 3,920 1,200 3,200 2,600 2,200 3,600 4,560 5,880 6,560 800 $42,000 65,000 59,000 37,200 58,000 54,000 51,200 62,000 64,000 63,000 64,000 33,000 b. Using the high-low method, compute the total cost equation for the preceding data. (1) Compute the variable cost per unit. (2) Compute total fixed costs. (3) Sketch a line between the high and low points on your graph. (4) Using the high-low method, estimate the total cost to produce 4.000 units