Cycle Accessories manufacturers cellphone holders that can be mounted on the handle bars of most motorcycles. The manufacturing process is highly automated and management feels that machine-hours are likely the main driver of overhead costs. Data from the most recent year are shown below. Month Machine-Hours January 2,300 Overhead Costs $54,000 February 2,360 55,620 March 2,600 61,600 April 3,320 66,720 May 3,500 68,960 June 4,100 70,480 July 4,700 76,720 August 5,300 77,910 September 5,000 75,440 October 3,500 68,480 November 2,660 63,280 December 4,700 74,720 Required: 1. Using least-squares regression, estimate the fixed cost and variable cost elements of monthly overhead costs. Estimate the fixed cost element to the nearest dollar and the variable cost element to the nearest cent. Fixed cost Variable cost per machine hour 2. If the company expects to use 3,800 machine-hours next month, estimate total overhead costs. Total overhead costs 3. This part of the question is not part of your Connect assignment.