Rafferty Company, which uses the high-low method to analyze cost behavior, has determined that machine hours months of the year follow (Click the icon to view the data.) Requirements Using the high-low method, answer the following questions: 1. What is the variable utilities cost per machine hour? 2. What is the fixed cost of utilities each month? 3. If Rafferty Company uses 1,250 machine hours in a month, what will its total costs be? Requirement 1. What is the variable utilities cost per machine hour? Let's begin by determining the formula that is used to calculate the variable cost (slope). Change in cost Change in volume = Variable cost (slope) (Round the variable cost to the nearest cent.) Using the high-low method, the variable utilities cost per machine hour is $ - X ald i Data Table Month Total Cost Machine Hours (sld ! January A 3,400 1,090 slo February $ 3,760 March $ 3,426 1,150 1,040 1,290 April to 3,740 May $ 4,600 1,340 June $ 5 4,086 1.440 Print Done