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Matt owns a machine shop. In reviewing the shop's utility bills for the past 12 months, he found that the highest bill of $2,400 occurred in August when the machines worked 1,000 machine hours. The lowest utility bill of $2,200 occurred in December when the machines worked 500 machine hours. Read the requirements Requirements D h - 1. Use the high-low method to calculate the variable cost per machine hour and the total fixed utility cost. 2. Show the equation for determining the total utility cost for the machine shop. 3. If Matt anticipates using 700 machine hours in January, predict the shop's total utility bill using the equation from Requirement 2. edd he Print Done Read the requirements Requirement 1. Use the high-low method to calculate the variable cost per machine hour and the total fixed utility cost. First, calculate the variable cost per machine hour. Select the formula labels, then enter the amounts and compute the variable cost pe machine hour. (Use the high-low method. Round your answer to the nearest cent.) = Variable cost per machine hour Calculate the total fixed cost. Select the formula labels, then enter the amounts and compute the total fixed cost. (Use the highest point.) Total fixed cost Requirement 2. Show the equation for determining the total utility cost for the machine shop, Total utility cost Requirement 3. If Matt anticipates using 700 machine hours in January, predict the shop's total utility bill using the equation from Requirement 2 Select the items needed and compute the shop's total utility bill predicted for January. Choose from any list or enter any number in the input fields and then continue to the next question Requirement 1. Use the high-low method to calculate the variable cost per machine hour and the total fixed utility First, calculate the variable cost per machine hour. Select the formula labels, then enter the amounts and compute machine hour. (Use the high-low method. Round your answer to the nearest cent.) = Variable cost per machine hour at the formula labels, then enter the amounts and compute the total fixed cost. (Use Total fixed cost Change in total costs Change in volume of activity Highest utility costs Lowest utility cost Total fixed cost Total mixed cost Total variable cost number in the input fields and then continue to the next question. Requirement 2. Show the equation for determining the total utility cost for the machine shop. ) + using 700 machine hours in January, predict the shop's tota ite the shop's total utility bill predicted for January. Rec Rec $ 0.40 $ 200 Sele $ 2,000 $ 400 Fixed cost per unit Cho Number of machine hours Total mixed cost number in the input fields and then continue to the next qu