P22.1 (LO 1, 2), AP The controller of Rather Production has collected the following monthly cost data for analyzing the behavior of electricity costs. Determine fixed costs and unit variable costs using high-low method, and estimate cost at particular level of activity. Instructions a. Determine the fixed costs and unit variable costs using the high-low method. b. What electricity cost does the cost equation estimate for a level of activity of 500 machine hours? By what amount does this differ from March's observed cost for 500 machine hours? c. What electricity cost does the cost equation estimate for a level of activity of 700 machine hours? By what amount does this differ from June's observed cost for 700 machine hours