High-Low Method Information about Indiana Industrials utility cost for the last six months of the current year follows. The high-low 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 because the utility company imposed a significant rate change as of July 1. Month Machine Hours Utility Cont 20.250 57,800 August 20,400 7,320 September 19.890 6,624 October 19,200 7.17 November 18.750 6,900 December 18.600 7,022 a. What is the cost formula for utility expense? Total cost $0 $0 MH b. What is the budgeted utility cost for September of the following year if 18.750 machine hours are projected? Budgeted utility costs 0