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: Level of Activity High Machine-hours 64,280 94,200 Total factory overhead costs $40,973,480 $47,783,480 LOW The factory overhead costs above consist of Indirect materials, rent, and maintenance. The company has analyzed these costs at the 64,200 machine-hours level of activity as follows: Indirect materials (variable) Rent (fixed) Maintenance (mixed) Total factory overhead costs $9,565,800 22,880,888 8,607,600 $40,973,480 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 $47,783,400 at the high level of activity consists of maintenance cost. Mainte ce cast 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 69,200 machine-hours? Total factory overhead costs