Nova Company's total overhead cost at various levels of actvity are presented below: Total Machine Overhead Month Hours Apri 45,000 173,350 May 35,000 149,850 June 55,000 S196,850 July 65,000 S220,350 Cost Assume that the total overhead cost above consists of tilities, supervisory salaries, and maintenance. The breakdown of these costs at the 35,000 machine-hour level of activity is Utilities (variable) Supervisory salaries (fixed) Maintenance (mixed) Total overhead cost S 45,500 54,000 50,350 S 149,850 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 $220,350 of overhead cost in July was maintenance cost (Hint: To do this, it may be helpful to first determine how much of the $220,350 consisted of utilities and supervisory salaries. Think about the behavior of variable and fixed costs!) (Do not round intermediate calculations.) aintenance cost in J 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 Mainten Hours Cost High activity level Low activity level Change 65,000 35,000 30,000 $