Cycle Accessories manufacturers cellphone holders that can be mounted on the handlebars 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 Bours 3,100 3,160 3,400 4,120 4,300 4,900 5.500 6,100 5,800 4.300 3,450 5,500 Overhead Couts $59,600 63,620 70,400 79,120 78,960 70,480 30,320 88,070 84,880 77. 120 72.000 85,200 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. Foxed cost Variable cost por machine hour 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 4,600 machine-hours next month, estimate total overhead costs. Total overhead costs