The Bear Company collected the following monthly information on units produced and electricity costs:
|
Month
|
Units Produced
|
Electricity Costs
|
|
January
|
50,000
|
$78,000
|
|
February
|
48,000
|
$74,500
|
|
March
|
47,000
|
$72,000
|
|
April
|
54,000
|
$81,000
|
|
May
|
58,000
|
$86,000
|
|
June
|
53,000
|
$79,500
|
Using the high-low method, prepare an estimate of electricity costs for July, assuming 53,500 units are expected to be produced in July.