Prince Company's total overhead costs at various levels of activity are presented below: Month September October November December Machine Hours 113,000 85,000 156,000 162,600 Total Overhead Cost $ 750,650 $ 612,050 $ 963,500 $ 996,170 Assume that the overhead cost above consists of utilities which are billed according to machine hours used, supervisory salaries, depreciation, and maintenance. The breakdown of these costs at the 85,000 machine-hour level of activity in October is as follows: Cost Category Utilities Supervisory salaries Depreciation Maintenance Total overhead cost Cost Type Variable Fixed Fixed Mixed Cost $ 221,000 $ 105,000 $ 44,000 $ 242,050 $ 612,050 Required: 1. Using the high-low method and the information provided above, identify the linear cost function equation for overhead. 2. Estimate the total overhead cost at 100,000 machine hours. 3. Prince Company is now budgeting overhead costs for next year. It expects that utilities will increase by 6%, supervisory salaries will be 5% higher and that the variable portion of maintenance costs will increase by 4%. All other costs will remain at this year's level. What is the revised cost function for next year? What should Prince Company budget for total overhead costs at the planned 125,000 machine hours