Using High-Low to Calculate Fixed Cost, Calculate the Variable Rate, and Construct a Cost Function Pizza Vesuvio makes specialty pizzas. Data for the past 8 months were collected: Month Labor Cost($) Employee Hours January 9,290 470 February 6,800 540 March 7,331 580 April 7,940 430 May 9,587 500 June 8,290 400 July 12,346 650 7,300 360 August Pizza Vesuvio's controller wants to calculate the fixed and variable costs associated with labor used in the restaurant. In your calculations, round the variable rate per employee hour to the nearest cent. If required, round your final answers to the nearest cent. Required: 1. Using the high-low method, calculate the variable rate. per employee hour 2. Using the high-low method, calculate the fixed cost of labor. 3. Using the high-low method, construct the cost formula for total labor cost. Total labor cost-$ + ($ x Employee hours) Month Labor Cost($) Employee Hours January 9,290 470 February 6,800 540 March 7,331 580 April 7,940 430 May 9,587 500 June 8,290 400 July 12,346 650 August 7,300 360 Pizza Vesuvio's controller wants to calculate the fixed and variable costs associated with labor used in the restaurant. In your calculations, round the variable rate per employee hour to the nearest cent. If required, round your final answers to the nearest cent. Required: 1. Using the high-low method, calculate the variable rate. per employee hour 2. Using the high-low method, calculate the fixed cost of labor. 3. Using the high-low method, construct the cost formula for total labor cost. Total labor cost $ $) + x Employee hours)