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 Low High Machine$-$hours $74,70084,700$ Total factory overhead costs $ $32,118,300$ $ $34,008,300$ The factory overhead costs above consist of indirect materials, rent, and maintenance. The company has analyzed these costs at the $74,700$ machine$-$hours level of activity as follows: Indirect materials $($variable$)$ $ $9,935,100$ Rent $($fixed$)14,100,000$ Maintenance $($mixed$)8,083,200$ Total factory overhead costs $ $32,118,300$ 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 $$34,008,300$ at the high level of activity consists of maintenance cost. Maintenance cost$=2.$ Using the high$$low method, estimate a cost formula for maintenance. Y$=+$ X $3.$ What total overhead costs would you expect the company to incur at an operating level of $79,700$ machine$-$hours? Total Factory Overhead Costs