Smith Company, which uses the high-low method to analyze cost behavior, has determined that machine hours best predict the company's total utilities cost. The company's cost and machine hour usage data for the first six months of the year follow: (Click the icon to view the data. Read the requirements Requirement 1. What is the variable ulilities 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) -X Data Table (Round the variable cost to the nearest cent.) Using the high-low method, the variable utilities cost per machine hour is Machine Hours 3.23 1,070 1,160 Requirements Month Total Cost January ...... $ 3.410 February ... $ 3,740 March ......S 3,500 April $ 3.790 May $ 4,700 June $ 4,200 1,000 1.200 1,350 1,400 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 Smith Company uses 1,270 machine hours in a month, what will its total costs be? Print Print Done Print Done