The controller of Norton Industries has collected the following monthly expense data for use in analyzing the cost behavior of maintenance costs.

Month

Total

Maintenance Costs

Total

Machine Hours

January 2860 300

February 3160 350

March 3,760 500

April 4,660 690

May 3,360 500

June 5,620 700

Determine the variable cost components using the high-low method. (Round variable cost to 3 decimal places e.g. 12.250.)

Variable cost per machine hour$ .............?

Determine the fixed cost components using the high-low method. (Round answer to 0 decimal places e.g. 2,520.)

Total fixed costs$ ...................?

discuss the significance of the accounting concept, your solution, and how your arrived at your solution.??