Madison Company manufactures major appliances. Because of growing interest in its products, it has just had its most successful year. In preparing the budget for next year, its controller compiled the following information: Month Volume in Machine Hours Electricity Cost July 6,000 $ 60,000 August 5,000 53,000 September 4,500 49,500 October 4,000 46,000 November 3,500 42,500 December 3,000 36,000 Six-month total 26,000 $287,000 Using the high-low method, determine the variable electricity cost per machine hour. $ 8 per machine hour Determine the monthly fixed electricity cost. Fixed Electricity Cost Highest month $ 12000 Lowest month $ 12000 Estimate the total variable electricity costs and fixed electricity costs if 4,800 machine hours are projected to be used next month. Total variable costs $ Total fixed costs $ Estimated total electricity costs for next month $ 50400 Check My Work Icon Key Question 1 of 5 Next2Exercise 5-03 Email InstructorSaveExitSubmit Assignment for Grading