EXERCISE 3â??8 Highâ??Low Method; Predicting Cost [LO2]The number of blood tests performed and the r

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EXERCISE 3–8 High–Low Method; Predicting Cost [LO2]The number of blood tests performed and the related costs over the last nine months in Brentline Hospital are given below:MonthBlood Tests PerformedBlood Test CostsJanuary . . . . . . . . . . . . . . . . . . . . . . .3,125$14,000February. . . . . . . . . . . . . . . . . . . . . . .3,500$14,500March . . . . . . . . . . . . . . . . . . . . . . . . .2,500$ 11,500April . . . . . . . . . . . . . . . . . . . . . . . . . . .2,125$10,000May . . . . . . . . . . . . . . . . . . . . . . . . . . .2,250$ 11,000June . . . . . . . . . . . . . . . . . . . . . . . . . .1,500$ 8,500July . . . . . . . . . . . . . . . . . . . . . . . . . . .1,550$ 8,400August. . . . . . . . . . . . . . . . . . . . . . . . .2,750$12,000September . . . . . . . . . . . . . . . . . . . .2,875$13,000Required:1. Using the high–low method, estimate the cost formula for blood tests.2. Using the cost formula you derived above, what blood test costs would you expect to be incurred during a month in which 2,300 blood tests are performed?