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 February 3,500 3,560 Overhead Costs $62, 400 67, 620 March 3, 800 74, 800 April 4,520 82, 320 May 4, 700 83, 960 June 5, 300 82, 480 July 5,900 94, 120 August 6,500 93, 150 September 6, 200 89, 600 October 4, 700 81, 440 November 3,860 76, 360 December 5,900 90, 440 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 5,000 machine-hours next month, estimate total overhead costs. Total overhead costs