S20-3 (similar to Question Help Mel owns a machine shop. In reviewing the shop's utility bills for the past 12 months, he found that the highest bill of $2,700 occurred in August when the machines worked 1,300 machine hours. The lowest utility bill of $2,500 occurred in December when the machines worked 800 machine hours. Read the requirements Requirement 1. Use the high-low method to calculate the variable cost per machine hour and the total fixed utlity cost. First, calculate the variable cost per machine hour. Select the formula labels, then enter the amounts and compute the variable cost per machine hour. (Use the high-low method. Round your answer to the nearest cent.) Change in total costs Change in volume of activity Variable cost per machine hour 200 500 0.40 Calculate the total fixed cost. Select the formula labels, then enter the amounts and compute the total fixed cost. (Use the highest point.) Total mixed cost Total variable cost Total fixed cost U, Te T0unu le Highest bill of $2,700 occurred in August machine hours. The lowest utility bill of $2,500 occurred in December when the machines worked 800 machine hours. rements. m. Use the high-low method to calculate the variable cost per machine hour and the total fixed utility cost the variable cost per ed. Round your answe per machine Requirements X in total costs 200 1. Use the high-low method to calculate the variable cost per machine hour and the total fixed utility cost. 2. Show the equation for determining the total utility cost for the machine shop 3. If Mel anticipates using 1,200 machine hours in January, predict the shop's total utility bill using the equation from Requirement 2 otal fixed cost. Select oint.) mixed cost Print Done ber in the edit fields and then click Check