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 2,900 2,960 3,200 3,920 4,100 4,700 5,300 5,900 5,600 4,100 3,260 5,300 Overhead Costs $ 58, 200 61,620 68,200 74,520 76,460 76,480 85,420 85,530 82,520 74,960 69,820 82,580 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