Colby Limited is a manufacturing company whose total factory overhead costs tluctuate somewhat from year to your 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: Machiners Total factory overhead costs to MRTVIE Low Hich 61,000 81,000 $1,494,000 544,611,000 The factory overhead costs above consist of indirect materials, rent, and maintenance. The company has analyzed these costs at the 61000 machine hours level of activity as follows: Indirect materials (variable) Rent (fixed) Maintenance (cixed) Total factory overhead costs $ 8,500,000 14,400,000 2.153,000 $30,491,000 For planning purposes, the company wants to break down the maintenance cost into its variable and foed cost elements Required: 1. Estimate how much of the factory overhead cost of $34,611,000 at the high level of activity consists of maintenance cost 2. Using the high-low method, estimate a cost formula for maintenance 3. What fotal overhead costs would you expect the company to incur at an operating level of 66,000 machine hours? Tots attury overhead costs