Nova Company's total overhead cost at various levels of activity are presented below: Total Overhead Cost Month April Machine Hours 50,000 $ 224,100 40,000 $ 196,300 60,000 70,000 $ 251,900 $ 279,700 May June July Assume that the total overhead cost above consists of utilities, supervisory salaries, and maintenance. The breakdown of these cos at the 40,000 machine-hour level of activity is: Utilities (variable) Supervisory salaries (fixed) Maintenance (mixed) Total overhead cost $ 64,000 67,000 65,300 $ 196,300 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 $279,700 of overhead cost in July was maintenance cost. (Hint: to do this, it may be helpful to first determine how much of the $279,700 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 45,000 machine-hours?