1. HIGH-LOW METHOD The following information is available regarding the total manufacturing overhead costs of Paymore, Inc., for five months in 2012: Machine-Hours Mfg Overhead Costs 6,900 February March 5,000 April 6,300 $6,250 $5,375 $6,025 $7,975 $6,050 May 9,333 June 6,833 a. Using the high-low method, compute the following: 1. The variable element of overhead cost per machine-hour: per machine-hour ii. The fixed element of monthly overhead cost: $ b. Use the cost relationship determined in part a to estimate the total manufacturing overhead costs for July 2012, given that 7,250 machine-hours are scheduled