The Ramon Company is a manufacturer that is interested in developing a cost formula to estimate the fixed and variable components of its monthly manufacturing overhead costs. The company wishes to use machine-hours as its measure of activity and has gathered the data below for this year and last year: The company leases all of its manufacturing equipment. The lease arrangement calls for a flat monthly fee up to 19,500 machinehours. If the machine-hours used exceed 19,500, then the fee becomes strictly variable with respect to the total number of machinehours used during the month. Lease expense is a major element of overhead cost. The company leases all of its manufacturing equipment. The lease arrangement calls for a flat monthly fee up to 19,500 machinehours. If the machine-hours used exceed 19,500 , then the fee becomes strictly variable with respect to the total number of machinehours used during the month. Lease expense is a major element of overhead cost. Required: 1. Using the high-low method, estimate a manufacturing overhead cost formula. (Round variable cost to 2 decimal place and fixed cost to the nearest dollar amount.) 2. This part of the question is not part of your Connect assignment. 3. This part of the question is not part of your Connect assignment. 4. Assume that the company consumes 22,500 machine-hours during a month. Using the high-low method, estimate the total overhead cost that would be incurred at this level of activity. Be sure to consider only the data points contained in the relevant range of activity when performing your computations. (Do not round intermediate calculations.)