High-Low Method Information about indiana industrial's utility cost for the last six months of the current year follows. The high ilow method will be used to develop a cost formula to predict next year's utility charges, and the number of machine hours has been found to be an appropriate cost driver. Data for the first half of the year are not being considered becture the uriity company imposed a significant rate change as of july 1. a. What is the cost formula for utility expense? Total cost =1