Millie Industries manufactures two products, Monogram and Signature, for industrial use. Millie's manufacturing facility is highly automated, with very little direct labour being involved in the process. The company has decided that they would like to look more closely at the overhead and determine if they can get a better idea of the true cost of their products. The total direct labour cost in the last scal year was $1,500,000 and total manufacturing overhead in the last scal year was approximately 511,520,000. Relevant manufacturing overhead information for the past 12 months is provided in Exhibit |. After discussions with the production manager, Iyou have determined that machine hours is the cost driver that most directly affects manufacturing overhead. Below is a summary of costs based on 40,000 hours per month. Supervisor salaries $136,000 Maintenance costs 793,000 Depreciation 30,000 Utilities 150,000 Management believes that supervisor salaries and depreciation costs are primarily fixed and approximately equal from month to month. Whereas utilities are primarily variable and maintenance cost is a mixed cost. Exhibit I Miscellaneous Cost Breakdown by Month Month Cost Machine Hours Jan uaniI $355,000 23,?50 February 131,500 20,000 Marc h 314,500 23, 250 April 223,340 25,500 May 1,032,300 35,000 10 ne 1,225,400 35,000 July 1,043,500 33, 250 August 1,193,000 39,375 September 1,213,500 3?, 500 October 1,193,000 40,000 November 655,500 23,?50 December 642,560 21,000 Required: 1. Btimate how much ofthe overhead cost in February was maintenance cost. {2 marks] 2. Using the highlow method, estimate a cost formula for maintenance. {-1 marks} 3. Provide the cost function for total overhead costs. lil- marks} 4. Assume Millie has decided to use the cost function you have developed in part 3 as a base to analyze cosis for 131E upcoming scal 1fear. Determine the cost function for total manufacturing overhead assuming the following: [it marks]