Problem 18-01A The controller of Ivanhoe Production has collected the following monthly expense data for analyzing the cost behavior of electricity costs. 690 450 Total Total Electricity Costs Machine Hours January $2,300 270 February 2,920 390 March 3,500 500 April 4,780 May 3,230 June 4,920 790 July 4,010 625 August 3,870 530 September 5,050 665 October 4,260 625 November 3,220 390 December 6,080 810 Determine the fixed- and variable-cost components using the high-low method. . Fixed-costs Variable costs Study What electricity cost does the cost equation estimate for a level of a&ivity of 500 machine hours? Electricity costs By what amount does this differ from March's observed cost for 500 machine hours? Amount differ What electricity cost does the cost equation estimate for a level of activity of 790 machine hours? Electricity costs 5 By what amount does this differ from June's observed cost for 790 machine hours? Amount differ Dan Show Work Click if you would like to Show Work for this