Nova Company's total overhead cost at various levels of activity are presented below: Total Overhead Cost Machine- Month April May une July Hours 47,000 213,730 37,000 185,830 57,000 241,630 67,000 269,530 Assume that the total overhead cost above consists of utilities, supervisory salaries, and maintenance. The breakdown of these costs at the 37,000 machine-hour level of activity is: Utilities (variable) Supervisory salaries (fixed) Maintenance (mixed) Total overheadcost $ 59,200 64,000 62,630 $185,830 Nova Company's management wants to break down the maintenance cost into its variable and fixed cost elements Required: 1. Estimate how much of the $269,530 of overhead cost in July was maintenance cost. (Hint: to do this, it may be helpful to first determine how much of the $269,530 consisted of utilities and supervisory salaries. Think about the behavior of variable and fixed costs.) 2. Using the high-low method, estimate a cost formula for maintenance in the form Y=a +bX. 3. Express the company's total overhead cost in the form Y=a + bX. 4. What total overhead cost would you expect to be incurred at an activity level of 42,000 machine-hours? Nova Company's total overhead cost at various levels of activity are presented below: Total Overhead Cost Machine- Month April May une July Hours 47,000 213,730 37,000 185,830 57,000 241,630 67,000 269,530 Assume that the total overhead cost above consists of utilities, supervisory salaries, and maintenance. The breakdown of these costs at the 37,000 machine-hour level of activity is: Utilities (variable) Supervisory salaries (fixed) Maintenance (mixed) Total overheadcost $ 59,200 64,000 62,630 $185,830 Nova Company's management wants to break down the maintenance cost into its variable and fixed cost elements Required: 1. Estimate how much of the $269,530 of overhead cost in July was maintenance cost. (Hint: to do this, it may be helpful to first determine how much of the $269,530 consisted of utilities and supervisory salaries. Think about the behavior of variable and fixed costs.) 2. Using the high-low method, estimate a cost formula for maintenance in the form Y=a +bX. 3. Express the company's total overhead cost in the form Y=a + bX. 4. What total overhead cost would you expect to be incurred at an activity level of 42,000 machine-hours