Check my work 2 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. 10 points 8 034134 Machine- Hours 1,800 1,060 2.100 2.620 3,000 Binok Month January February Maten April June July August September October November December Overhead Conta $50,500 50,620 56.1001 60,220 62,710 69,400 69, 470 71,560 69,540 63,080 57,830 68,170 Print 4.200 4,000 4,500 3,000 Heterences 2,160 4,200 Required: 1. Using 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 Check my work 2 July August September October November December 4,200 4,800 4,500 3.000 2,150 4,200 69, 470 71,560 69,540 63,080 57,830 68,170 10 points 03.4130 Required: 1. Using 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 Fred.com Variable cost References per machine hou 2. If the company expects to use 3,300 machine-hours next month estimate total overhead costs. Tot verhead costs