Problem 18-01A The controller of Sheridan Production has collected the following monthly expense data for analyzing the cost behavior of electricity costs. January February March April May Total Total Electricity Costs Machine Hours $2,380 200 3,010 390 3,600 490 4,800 690 3,150 500 4,900 4,040 3,880 5,060 4,200 610 3,390 6,090 530 June July August September October November December 675 730 Determine the fixed- and variable-cost components using the high-low method. Fixed-costs Variable-costs What electricity cost does the cost equation estimate for a level of activity of 490 machine hours? Electricity costs By what amount does this differ from March's observed cost for 490 machine hours? Amount differ LINK TO TEXT LINK TO VIDEO What electricity cost does the cost equation estimate for a level of activity of 710 machine hours? Electricity costs By what amount does this differ from June's observed cost for 710 machine hours? Amount differs Click if you would like to Show Work for this question: Open Show Work