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 July August September October November December Machine- Hours 1,900 1,960 2,200 2,920 3,100 3,780 4,300 4,900 4,600 3,100 2,260 4,300 Overhead Costs $ 51,200 51,620 57,200 61,520 63,960 66,480 70,920 72,830 70,720 64,160 58,920 69,480 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