Nutt Industries electricity costs and machine hours over a six-month period follow:

Using the high-low method, what is the formula that can be used to estimate electricity costs at different levels of volume?
a. Electricity costs = $2,800 + ($1.00 x number of machine hours)
b. Electricity costs = $2,600 + ($1.00 x number of machine hours)
c. Electricity costs = $400 + ($1.67 x number of machine hours)
d. Electricity costs = $3,600 + ($.60 x number of machine hours)

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Machine Electricity Hours Cost $4,800 January 2,000 February 2,500 5,200 March 3,000 5,400 April 2,400 5,000 May 5,600 2,800 2,200 June 5,000