to Martin owns a machine shop. In reviewing the shop's utlity bills for the past 12 months, he found that the highest bill of $2,700 oocurred in August when the machines worked 1,500 machine hours. The lowest utility bill of $2,500 occurred in December when the machines worked 1,000 machine hours Requirements 1. Calculate the variable rate per machine hour and the total fixed utility cost 2 Show the equation for determining total utility cost for the machine shop 3. If Martin anticipates using 1,200 machine hours in January, predict the shop's total ubility bill using the equation from Requirement 2 Requirement 1. Caloulate the variable rate per machine hour and the total foxed utility cos First, calculate the variable rate per machine hour. Select the formula labels, then enter the amounts and compute the variable rate per machine hour. (Use the high-low method. Round your answer to the nearest cent.) Variable rate per machine hour Calculate the total fxed cost. Select the formuila labels, then enter the amounts and compute the total fixed cost (Use the highest point) Choose from any list or enter any number in the input fields and then continue to the next question Next