Matthew owns a machine shop. In reviewing the shop's utility bills for the past 12 months, he found that the highest bill of 52.400 occurred in August when the machines worked 1.000 machine hours. The lowest utility bill of $2.200 occurred in December when the machines worked 500 machine hours Read the requirements Requirement 1. Use the high-low method to calculate the variable cost per machine hour and the total fixed utility cost First, calculate the variable cost per machine hour. Select the formula labels, then enter the amounts and compute the variabile cost per machine hour. (Use the high-low method. Round your answer to the nearest cent) - Variable cost per machine hour Calculate the total fixed cost. Select the formula labels, then enter the amounts and compute the total fixed cost. Use the highest point) Total fixed cout Requirement 2. Show the equation for determining the total utility cost for the machine shop Totally Requirement 3. 1 Matthew anticipates using 700 machine hours in January, predict the shop's total utility bil using the equation from Requirement 2 Select the items needed and compute the shop's total utility bili predicted for January )