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 or Activity LOM Machine-hours 82,700 92,700 Total factory overhead conta $44,626,900 $47,096,900 High The factory overhead costs above consist of indirect materials, rent, and maintenance. The company has analyzed these costs at the 82.700 machine-hours level of activity as follows: Indirect materials (variable) Rent (fixed) Maintenance (mixed) Total factory overhead costs $13,645,500 20,000,000 10.981.400 $44,626,900 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 $47,096,900 at the high level of activity consists of maintenance cost. Maintenance cost Required: 1. Estimate how much of the factory overhead cost of $47,096,900 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 = 3. What total overhead costs would you expect the company to incur at an operating level of 87,700 machine-hours? Total factory overhead costs