The table below provides machine usage and total machine costs for a company for the last 12 months. Analyze the machine costs using the high-low method. 1. Calculate the variable cost per hour (rounded to nearest dollar). (3 marks) 2. Calculate the total fixed cost (rounded to nearest dollar). (2 marks) 3. Express variable and fixed components using the equation Y=a+bX (use rounded numbers from 1. and 2. above.) (2 marks) Y= x 4. If a company expects to use the machine for 700 hours next month, what are the expected total costs? Make sure you carry through all digits and round your final response to the nearest dollar. (1 mark)