The controller of Sheridan Production has collected the following monthly expense data for analyzing the cost behavior of electricity costs. Total Machine Hours January February March April May June July August September October November December Total Electricity Costs $2,370 2,920 3,580 4,530 3.210 4.980 4,150 3,850 5.160 4.240 3,240 6,570 210 390 470 690 470 790 625 530 665 605 390 810 Determine the fixed- and variable-cost components using the high-low method. Fixed-costs Variable costs (b) What electricity cost does the cost equation estimate for a level of activity of 470 machine hours? Electricity costs $ By what amount does this differ from March's observed cost for 470 machine hours? Amount differ (c) What electricity cost does the cost equation estimate for a level of activity of 790 machine hours? Electricity costs By what amount does this differ from June's observed cost for 790 machine hours? Amount differ $ Click If you would like to Show Work for this question: Open Show Work