0 You skipped this question in the previous attempt. Problem 3-17 High-Low Method; Predicting Cost (LO1, LO2) Colby Limited is a manufacturing company whose total factory overhead costs fluctuate somewhat from year to year, according to the number of machine-hours worked in its production facility. These costs at high and low levels of activity over recent years are given below: 10 points Level of Activity Machine-hours Total factory overhead costs 60,500 $34,179,000 High se, see $38, 139,000 eBook The factory overhead costs above consist of indirect materials, rent, and maintenance. The company has analyzed these costs at the 60,500 machine hours level of activity as follows: Indirect materials (variable) Rent (fixed) Maintenance (mixed) $9, 377,500 17.10.000 Total factory overhead costs For planning purposes, the company wants to break down the maintenance cost into its variable and fixed cost elements. Required: 1. Estimate how much of the factory overhead cost of $38,139,000 at the high level of activity consists of maintenance cost. Wanance cost Prey 5 of 5 Next O Type here to search question in the previous attempt Required: 1. Estimate how much of the factory overhead cost of $38,139,000 at the high level of activity consists of maintenance cost 2. Using the high-low method, estimate a cost formula for maintenance 3. What total overhead costs would you expect the company to incur at an operating level of 65,500 machine-hours? Total factory overhead costs Prey 5 of 5 Next