Meyer Company, which uses the high-low method to analyze cost behavior, has determined that machine hours best predict the company's total utilities cost. The company's cost and machine hour usage data for the first six months of the year follow: 2 (Click the icon to view the data.) Read the requirements Requirement 1. What is the variable utilities cost per machine hour? Let's begin by determining the formula that is used to calculate the variable cost (slope). Change in cost Change in volume F Variable cost (slope) (Round the variable cost to the nearest cent.) Using the high-low method, the variable utilities cost per machine hour is rtia Using the high-low method, answer the following questions: 1. What is the variable utilities cost per machine hour? 2. What is the fixed cost of utilities each month? 3. If Meyer Company uses 1,240 machine hours in a month, what will its total costs be? 1 Data Month Total Cost Machine Hours 3,400 1,020 nd January ......$ February .... $ March ....... $ 3,720 1,100 3,467 1,010 April ... $ 3,760 1,220 ....... May .. $ 4,100 1,380 .. .. June .. $ 4,232 1,460 Drint nana