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 March April May June August September October November December Machine- Hours 1,800 1,860 2,100 2,820 3,000 3,600 4,200 4,800 4,500 3,000 2,160 4,200 Overhead Costs $ 50,500 50,620 56, 100 60,220 62,710 65,480 69, 470 71,560 69,540 July 63,080 57,830 68,170 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 3,300 machine-hours next month, estimate total overhead costs. Total overhead costs