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Nova Company's total overhead cost at various levels of activity are presented below: Month April May June July Machine Hours 47.000 37,000 57,000 67,000 Total Overhead Cost $ 194,670 5 168.570 $ 220,770 $ 246,870 Assume that the total overhead cost above consists of utilities, supervisory salories, and maintenance. The breakdown of these costs at the 37,000 machine-hour level of activity is Utilities (variable Supervisory salaries (fixed) Maintenance (mixed Total overhead cost $ 55,500 58,000 55.970 $168,570 Nova Company's management wants to break down the maintenance cost into its variable and fixed cost elements Nova Company's total overhead cost at various levels of activity are Month April May June July Machine- Hours 47,000 37,000 57,000 67,000 Total Overhead Cost $ 194,670 $ 168,570 $ 220,770 $ 246,870 Assume that the total overhead cost above consists of utilities, super at the 37,000 machine-hour level of activity is: Utilities (variable) Supervisory salaries (fixed) Maintenance (mixed) Total overhead cost $ 55,500 58,000 55,070 $168,570 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 $246,870 of overhead cost in July was maintenance cost. (Hint to do this, it may be helpful to first determine how much of the $246,870 consisted of utilities and supervisory salaries. Think about the behavior of variable and fi costs) 2. Using the high low method, estimate a cost formula for maintenance in the form Y = a +bX 3. Express the company's total overhead cost in the form Y = 3 + bx 4. What total overhead cost would you expect to be incurred at an activity level of 42,000 machine-hours? ces Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Required 4 Estimate how much of the $246,870 of overhead cost in July was maintenance cost. (Hint: to do this, it may be helpful to first determine how much of the $246,870 consisted of utilities and supervisory salaries. Think about the behavior of variable and fixed costs.) (Do not round intermediate calculations.) Maintenance cost in July Required 1 Required 2 Required 3 Required 4 Using the high-low method, estimate a cost formula for maintenance in the form Y - a + bx. (Do not round your intermediate calculations. Round the "Variable cost per unit" to 2 decimal places.) Required 1 Required 2 Required 3 Required 4 Express the company's total overhead cost in the form Y = a + bx. (Do not round your intermediate calculations. Round the "Variable cost per unit" to 2 decimal places.) Variable Cost per Machine Fixed Cost Hour Utilities cost Supervisory salaries cost Maintenance cost Total Overhead cost YE Required 1 Required 2 Required 3 Required 4 What total overhead cost would you expect to be incurred at an activity level of 42,000 machine-hours? (Do not round Intermediate calculations.) Total overhead costs