Nova Company's total overhead cost at various levels of activity are presented below Total Machine- Overhead Cost Month Hours Apri 48,000 $195,360 May 38,000 $170,660 June 58,000 $220,060 July 68,000 $244,760 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 S 53,200 60,000 57,460 S 170,660 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 $244,760 of overhead cost in July was maintenance cost. (Hint: To do this, it may be helpful to first determine how much of the $244,760 consisted of utilities and supervisory salaries. Think about the behavior of variable and fixed costs!) (Do not round intermediate calculations.) cost in 2. Using the high-low method, estimate a cost formula for maintenance. (Do not round your intermediate calculations. Round the "Variable cost per machine-hours" to 2 decimal places.) Machine Maintenan Hours Cost High activity level Low activity level Change Variable cost element per MH Fixed cost element