Information: Recall that BlueDenim Company constructed the following formula for monthly electricity cost. (Refer to Cornerstone 3-2 to see how the fixed cost per month and the variable rate were computed.) Total electricity cost =$440+($6.10 Machine hours ) Required: Assume that 550 machine hours are budgeted for the month of October. Use the previous cost formula for the following calculations: 1. Calculate total variable electricity cost for October. 2. Calculate total electricity cost for October