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S20-3 (similar to) Question Help Mike owns a machine shop. In reviewing the shop's utility bills for the past 12 months, he found that the highest bill of $2,600 occurred in August when the machines worked 1,400 machine hours. The lowest utility bill of $2,300 occurred in December when the machines worked 900 machine hours. Read the requirements. Requirement 1. Use the high-low method to calculate the variable cost per machine hour and the total fixed utility cost. First, calculate the variable cost per machine hour. Select the formula labels, then enter the amounts and compute the variable cost per machine hour. (Use the high-low method. Round your answer to the nearest cent.) = Variable cost per machine hour Choose from any drop-down list and then click Check Answer. 5 parts Clear All remaining Check Answer Check Answers i Requirements 1. Use the high-low method to calculate the variable cost per machine hour and the total fixed utility cost. 2. Show the equation for determining the total utility cost for the machine shop. 3. If Mike anticipates using 1,000 machine hours in January, predict the shop's total utility bill using the equation from Requirement 2. Print Done