The following information is available regarding the total manufacturing overhead of Olsen Company for a recent four- month period. April May June July Machine Mfg. Hours Overhead 86,000 $184,000 50,000 $167,000 113,000 $286,700 109,000 $195,000 Using the high-low method, compute the variable element of manufacturing overhead cost per machine hour. Multiple Choice $1.90 per machine hour $.48 per machine hour $1.94 per machine hour $3.80 per machine hour Using the high-low method, compute the fixed element of Olsen's monthly overhead cost. Multiple Choice $72,000 $119,700 $110,000 $67,720