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 January February Machine-Hours Overhead Costs 3,000 $58,900 3,060 62,620 March 3,300 69,300 April 4,020 75,820 May 4,200 77,710, June 4,800 77,480 July 5,400 86,870 August 6,000 86,800 September 5,700 83,700 October 4,200 :76,040 November 3,360 70,910 December 5,400 83,890 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