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 belows The foctory overhead costs above consist cilindirect materials, rent, and maintenance. The company has analyzed these costs at the 64,000 mochine-hours level of activity as follows: For planning purposes, the compony wants to break down the maintenance cost into its vaniable and fixed cost elements. Required: 1. Estimate how much of the factory overhead cost of $42,108,000 at the high level of activity consists of maintenance cost. Answer is complete but not entirely correct. 2. Using the high-low method, estimate a cost formula for maintenance. Answer is complete but not entirely correct. 3. What total overhead costs would you expect the company to incur at an operating level of 69,000 machine-hours? Answer is complete but not entirely correct