Question 1 (6 Mark Entity Z is trying to obtain a cost estimate for the costs of repairs. The following monthly repair costs have been recorded for the past six months. Month 1 2 3 4 5 6 machines repaired 342132 38 25 36 Cost of repairs R 31,000 32,700 26,500 23,600 29,900 28,900 Required: Use high/low analysis to estimate the fixed costs of repairs each month and the variable cost per machine repaired. Estimate the expected costs of repairs in a month when 30 machines are repaired. Question 1 (6 Mark Entity Z is trying to obtain a cost estimate for the costs of repairs. The following monthly repair costs have been recorded for the past six months. Month 1 2 3 4 5 6 machines repaired 342132 38 25 36 Cost of repairs R 31,000 32,700 26,500 23,600 29,900 28,900 Required: Use high/low analysis to estimate the fixed costs of repairs each month and the variable cost per machine repaired. Estimate the expected costs of repairs in a month when 30 machines are repaired