1. Using the least-squares regression, estimate the fixed cost and variable cost elements of monthly overhead costs. Estimate the fixed cost element to the nearest dollar and the variable cost element to the nearest cent.

Fixed Cost = ?

variable cost = ? per machine hour

2. if the company expects to use 4,000 machine-hours next month, estimate total overhead costs.

Total overhead costs = ?

I need step by step explanation plus answer thanks.

Cycle Accessories manufacturers cellphone holders that can be mounted on the handle bars of most motorcycles. The manufacturing process is highly automated and management feels that machine-hours are likely the main driver of overhead costs. Data from the most recent year are shown below. Month January February March April May July Machine Hours 2500 2,560 2 see 3520 3 vee 4,300 4 988 5. See 5, 200 June Overhead Costs $55,400 52,620 63,800 69, 320 71,460 72480 79,620 80,450 72,800 70,640 65,460 72349 August September October November December 3,700 2,868 4,938 Required: 1. Using teast-squares regression, estimate the fixed cost and variable cost elements of monthly overhead costs. Estimate the fixed cost element to the nearest dollar and the variable cost element to the nearest cent Foce cost Vanable cost per machine hour 2. If the company expects to use 4.000 machine-hours next month. estimate total overhead costs. Total overhead costs Prey of BA Nex