Please Note Variable Cost must be completed with MACHINE HOURS. Thank You!

Fiske Corporation manufactures a popular regional brand of kitchen utensils. The design and variety have been fairly constant over the last three years. The managers at Fiske are planning for some changes in the product line next year, but first they want to understand better the relation between actlily and factory costs as experienced with the current products. Discussions with the plant supervisor suggest that overhead seems to vary with labor-hours, machine-hours, or both. The following data were collected from the last three years of operations: Required: a. Use the high-low method to estimate the flxed and varlable portions of factory costs based on machine-hours. b. Managers expect the plant to operate at 31,000 machine-hours next quarter. Assuming the relationship remains the same with the new product line, what are the estimated quarterly factory costs? Complete this question by entering your answers in the tabs below. Use the high-low method to estimate the flxed and varlable portions of factory costs based on machine-hours. Note: Round 'Variable cost' answer to 2 decimal places. If you get a slightly different result for fixed cost between high and low calculations due to the rounding, go with the larger number