Manitoba Factory makes metal pipes for building. The company's accountant likes to estimate overhead costs for the year 2022. To help him understand how costs behave in the company's manufacturing process he wants to separate fixed from variable costs. Data for the past six months are as follows:

 

	Overhead	Machine
Month	cost	hours
July	$17,226	485
August	16,848	420
September	17,329	426
October	19,570	520
November	21,882	640
December	20,908	562

Required (round to 2 decimal places):

 

Using the high low method, calculate the fixed cost component of overhead and the variable rate per machine hour. What would be the cost formula that can be used to calculate total overhead cost? Assume that 775 hours of machine hours are likely to be used in the month, what would be the total overhead cost based on the above calculations.