The management of Fagundes Corporation would like to have a better understanding of the behavior of its inspection costs.The company has provided the following data: 
Management believes that inspection cost is a mixed cost that depends on direct labor-hours.
Required:
Estimate the variable cost per direct labor-hour and the fixed cost per month using the high-low method.Show your work!
Definitions:
Test Statistic
A calculation, derived from sample data, used to determine the presence of a statistically significant difference between groups in hypothesis testing.
One-Sample Test
A statistical procedure used to determine whether a sample comes from a population with a specific characteristic.
Proportions
A statistical measure that represents the size of part of a whole, typically expressed as a fraction or percentage.
Proportion of Female Managers
The ratio or percentage of managerial positions held by women in a given organization or sector.
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