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 Machine-Hours Overhead Costs January 3,400 $ 61,700 February 3,460 66,620 March 3,700 73,700 April 4,420 81,020 May 4,600 82,710 June 5,200 81,480 July 5,800 92,670 August 6,400 91,880 September 6,100 88,420 October 4,600 80,360 November 3,760 75,270 December 5,800 89,130 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. 2. If the company expects to use 4,900 machine-hours next month, estimate total overhead costs. 3. This part of the question is not part of your Connect assignment