Nova Company's total overhead cost at various levels of activity are presented below: Total Month April May June July Machine-Hours 54,000 Overhead Cost $ 216,320 44,000 $ 191,020 64,000 $ 241,620 74,000 $ 266,920 Assume that the total overhead cost above consists of utilities, supervisory salaries, and maintenance. The breakdown of these costs at the 44,000 machine-hour level of activity is: Utilities (variable) Supervisory salaries (fixed) Maintenance (mixed) Total overhead cost $ 57,200 65,000 68,820 $ 191,020 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 $266,920 of overhead cost in July was maintenance cost. (Hint: to do this, it may be helpful to first determine how much of the $266,920 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 49,000 machine-hours?