Item7 Item 7 Nova Companys total overhead costs at various levels of activity follow: Month Machine-Hours Total Overhead Costs April 71,000 $ 200,000 May 102,000 272,000 June 82,000 224,000 July 92,000 246,360 Assume that the total overhead costs consist of utilities, supervisory salaries, and maintenance. The breakdown of these costs at the 71,000 machine-hour level of activity is as follows: Utilities (V) $ 48,360 Supervisory salaries (F) 21,200 Maintenance (M) 130,440 Total overhead costs $ 200,000 V = variable; F = fixed; M = mixed. Nova Companys management wants to break the maintenance cost down into its basic variable and fixed cost elements