Thane Company is interested in establishing the relationship between electricity costs and machine hours. Data have been collected and a regression analysis prepared using Excel. The monthly data and the regression output follow:

Month Machine Hours Electricity Costs

January $2,700$ $ $18,500$

February $3,10021,200$

March $2,10013,600$

April $3,30023,200$

May $4,00028,350$

June $3,50022,200$

July $4,30024,850$

August $3,70022,850$

September $2,20015,700$

October $3,90026,200$

November $4,90031,200$

December $4,40027,850$

Summary Output

Regression Statistics

Multiple R $0\mathrm{.}965$

R Square $0\mathrm{.}930$

Adjusted R$20\mathrm{.}923$

Standard Error $1,443\mathrm{.}07$

Observations $12\mathrm{.}00$

Coefficients Standard Error t Stat P$-$value Lower $95\%$ Upper $95\%$

Intercept $2,728\mathrm{.}641,800\mathrm{.}971\mathrm{.}520\mathrm{.}16(1,284\mathrm{.}17)6,741\mathrm{.}44$

Machine Hours $5\mathrm{.}770\mathrm{.}5011\mathrm{.}560\mathrm{.}004\mathrm{.}666\mathrm{.}88$

If the controller uses the high$-$low method to estimate costs, the fixed cost portion of the cost equation for electricity costs is: