Question 14 4.7 pts The following data relate to the Torrence Company for May and August of the current year: May August Maintenance hours 25,000 29,000 Maintenance cost $1,175,000 $1,247,000 May and August were the lowest and highest activity levels, and Torrence uses the high-low method to analyze cost behavior. Which of the following statements is true? The variable maintenance cost is $47 per hour The variable maintenance cost is $43 per hour The variable maintenance cost is $45 per hour The fixed maintenance cost is $725.000 per month The fixed maintenance cost is $653.000 per month