Michael owns a machine shop. In reviewing the shop's utility bills for the past 12 months, he found that the highest bill of $2,800 occurred in August when the machines worked 1,200 machine hours. The lowest utility bill of $2,600 occurred in December when the machines worked 800 machine hours. Requirements 1. Use the high-low method to calculate the variable cost per machine hour and the total fixed utility cost. 2. Show the equation for determining the total utility cost for the machine shop. 3. If Michael anticipates using 1,000 machine hours in January, predict the shop's total utility bill using the equation from Requirement 2. 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 variable 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 cost Requirement 2. Show the equation for determining the total utility cost for the machine shop Total utility cost X Requirement 3. If Michael anticipates using 1,200 machine hours in January, predict the shop's total utility bill using the equation from Requirement 2 Select the items needed and compute the shop's total utility bill predicted for January X