Nova Company's total overhead cost at various levels of activity are presented below: Month Machine Total Overhead Hours Apri 50,000 May 40,000 June Cost $191,000 $168,700 $213,300 $235,600 60,000 70,000 July Assume that the total overhead cost above consists of ubilities, supervisory salaries, and maintenance. The breakdown of these costs at the 40,000 machine-hour level of activity is: Utilities (variable) Supervisory salaries (fixed) 66,000 Maintenance (mixed) S44,000 58,700 168,700 Total overhead cost 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 $235,600 of overhead cost in July was maintenance cost. (Hint: To do this, it may be helpful to first determine how much of the $235,600 consisted of utilities and supervisory salaries. Think about the behavior of variable and fixed costs!) (Do not round intermediate calculations.) 2. Using the high-low method, estimate a cost formula for maintenance. (Do not round your intermediate calculations. Round the "Variable cost per unit" to 2 decimal places.) Mainte High activity eve Low activity level Change 70,000$ 259,160 0,00058,700 58,700 30,000 460 Variable cost element Fixed cost element $145,500.00 per MH 79,500