High-Low Method Information about indlana Industrials utility cost for the last six months of the current year follows. The highlow method will be used to derelop a cout formula to predicz next yeary utility charges, and the number of machine hours has been found to be an approprate cost driver, Data for the first half of the year are nor being considered becituse the utility corripany imposed a significant rate change as of fuly 7. 2. What is the cost tormula for ut ity expense? Total cost =5 Mint. b. What is the budgeted ut ily cost for September of the following year if 93.750 machine hours are progected