Problem 2: Nutt Industries electricity costs and machine hours over a six-month period follow: January February March April May June Machine Hours 2,000 2,500 3,000 2,400 2,800 2,200 Electricity Cost $4,800 5,200 5,400 5,000 5,600 5,000 1. Using the high-low method, what is the estimated electricity cost per machine hour? 2. What is the formula that can be used to estimate electricity costs at different levels of volume? Problem 3: Venus Company has developed the following flexible budget formula for annual indirect labor cost: Total annual cost = $12,000 + $.25 / unit Operating budgets for the current month are based on 5,000 units. Indirect labor costs included in this monthly planning budget are_