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Colby Limited is a manufacturing company whose total factory overhead costs fluctuate somewhat from year to year, according to the number of machine-hours worked in its prod uction facility. These costs at high and low levels of activity over recent years are given below: Level of Activity Low High Machine-hours 61,500 81,500 Total factory overhead costs $34,589,500 $39,049,500 The factory overhead costs above consist of indirect materials, rent, and maintenance. The company has analyzed these costs at the 61,500 machine-hours level of activity as follows: Indirect materials (variable) $9,102,000 Rent (fixed) 17,200,000 Maintenance (mixed) 8,287,500 Total factory overhead costs $34,589,500 For planning purposes, the company wants to break down the maintenance cost into its variable and xed cost elements. Required: 1. Estimate how much of the factory overhead cost of $39,049,500 at the high level of activity consists of maintenance cost. :I 2. Using the highlow method, estimate a cost formula for maintenance