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. Machine- Overhead Month Hours Costs January 1,700 $49,800 February 1,760 49,620 March 2,000 55,000 April 2.720 58,920 May 2,900 61, 460 June 3,500 64,480 July 4,100 68,820 August 4,700 70,290 September 4,400 68,360 October 2,900 62,000 November 2,060 56,740 December 4,100 66,860 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 5 6.89 per machine hour 2. the company expects to use 3,200 machine-hours next month, estimate total overhead costs. Total overhead costs