Mark owns a machine shop. In reviewing the shop's utility bills for the past 12 months, he found that the highest bill of $2,700 occurred in August when the machines worked 1,500 machine hours. The lowest utility bill of $2,500 occurred in December when the machines worked 1,000 machine hours. Requirements 1. Calculate the variable rate per machine hour and the total fixed utility cost. 2. Show the equation for determining total utility cost for the machine shop. 3. If Mark anticipates using 1,200 machine hours in January, predict the shop's total utility bill using the equation from Requirement 2. Requirement 1. Calculate the variable rate per machine hour and the total fixed utility cost. First, calculate the variable rate per machine hour. Select the formula labels, then enter the amounts and compute the variable rate per machine hour. (Use the high-low method. Round your answer to the nearest cent.) Highest utility costs Highest utility costs Variable rate per machine hour Change in total costs Change in volume of activity Highest utility costs Lowest utility cost e shop's utility bills for the past 12 months, he found that the highest bill of hes worked 1,500 machine hours. The lowest utility bill of $2,500 occurred i O machine hours. hour and the total fixed utility cost. utility cost for the machine shop. hours in January, predict the shop's total utility bill using the equation from Total fixed cost Total mixed cost Total variable cost Highest utility costs per machine hour and the total fixed utility cost. e hour. Select the formula labels, then enter the amounts and compute the jh-low method. Round your answer to the nearest cent.) Highest utility costs Variable rate per machine hour