Nova Company's total overhead cost at various levels of activity are presented below: Month April May June July Machine- Hours 48,000 38,000 58,000 68,000 Total Overhead Cost $ 199,120 $ 171,720 $ 226,520 $ 253,920 Assume that the total overhead cost above consists of utilities, supervisory salaries, and maintenance. The breakdown of these costs at the 38,000 machine-hour level of activity is: Utilities (variable) Supervisory salaries (fixed) Maintenance (mixed) Total overhead cost $ 57,000 54,000 60,720 $171,720 Nova Company's management wants to break down the maintenance cost into its variable and fixed cost elements. Required: IA SITULLIT TESTTEC CO- d tern avara VAT SO WITC about the abre a 2. Using the high-low method, estimate a cost formula for maintenance in the form Y = a + bX