Problem 5A-8 (Algo) High-Low Method; Predicting Cost [LO5-10] Nova Company's total overhead cost at various levels of activity are presented below Assume that the total overhead cost above conststs of utilies; supervisory salariec, and maintenance, The breakdown of these costs at the 36,000 machine-hour level of activity is: Nova Company's management wants to break down the maintenance cost into its variable and foxed cost elements Required: 1. Estimate how much of the $253,340 of overhead cost in July was maintenance cost. (Hint to do this, it may be helphul to furst determine how much of the $253,340 conststed of uti ties and supervisory salaries. Think about the behavior of variable and fixed costs.) 2. Using the thigh low method. estimate a cost formula for maintenance in the form Y=a+bX 3. Express the company's rotaloverhead cost in the formi y=a+bX 4. What foral overhead cost wouid you expect to be incurred at an activity level of 41,000machinechours? determune now much of the \$ 253,374 consisted of utaities and supervesory satanes. Inank about the benanor of vartable and tive 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=a+bX. 4. What torai overhead cost would you expect to be iricurred at an activity level of 41,000 machine hours? Complete this question by entering your answers in the tabs below. Estimate how much of the $253,340 of overhead cost in luly was maintenance cost. (Hint: to do this, it may be helpful to first determine how much of the $253,340 consisted of utitities and supervisory salaries. Think about the behavior of variable and fixed costs.) (Do not round intermediate calculations.) Jsing the high-low method, eitimate a cost formula for maintenance in the form =a+bx. (Do not round your intermediat alculations. Round the "Variable cost per machine hour" to 2 decimal places.) Express the company's total overhead cost in the form Y=a+bX. (Do not round your intermediate calculations. Round the "Variable cost per machine hour" to 2 decimal places.) Complete this question by entering your answers in the tabs below. What total overhead cost would you expect to be incurred at an activity level of 41,000 machine-hours? (00 not round termediate calculations