12 Saved Nova Company's total overhead cost at various levels of activity are presented below: Month April May June July Machine- Hours 50,000 4e, eee 60,000 70, eee Total Overhead Cost $ 197,500 $ 171,800 $ 224, eee $ 250, 500 Assume that the total overhead cost above consists of utilities, supervisory salaries, and maintenance. The breakdown of these costs at the 40,000 machine-hour level of activity is: Utilities (variable) Supervisory salaries (fixed) Maintenance (mixed) Total overhead cost $ 60, eee 47,6ee 64, eee $171, eee Nova Company's management wants to break down the maintenance cost into its variable and fixed cost elements. Required: 1. Estimate how much of the $250,500 of overhead cost in July was maintenance cost. (Hint to do this, it may be helpful to first determine how much of the $250,500 consisted of utilities and supervisory salaries. Think about the behavior of variable and fixed costs.) 2. Using the high-low method, estimate a cost formula for maintenance in the form Y=a+bX 3. Express the company's total overhead cost in the form Y = a +bX 4. What total overhead cost would you expect to be incurred at an activity level of 35,000 machine-hours? Complete this question by entering your answers in the tabs below