The controller of the ljiri Company wants you to estimate a cost function from the following two observations in a general ledger account called Maintenance: (Click to view the information.) Required 1. Estimate the cost function for maintenance. 2. Can the constant in the cost function be used as an estimate of fixed maintenance cost per month? Explain. Requirement 1. Estimate the cost function for maintenance. (Round your answers to the nearest cent as needed.) Maintenance costs = + Maintenance costs = + X Requirement 2. Can the constant in the cost function be used as an estimate of fixed maintenance cost per month? Explain. The cost function in requirement 1 is an estimate of how costs behave the relevant range, not at cost levels the relevant range. If there are no months with zero machine-hours represented in the maintenance account, data in that account V be used to estimate the fixed costs at the zero machine-hours level. The constant component of the cost function provides the best available starting point for a straight line that approximates how a cost behaves Information - X X Month Machine-Hours Maintenance Costs Incurred January 5,000 $ 4,000 February 10,000 5,400 ed Print Done sto her us the