Problem 5A-8 (Algo) High-Low Method; Predicting Cost [LO5-10] Nova Company's total overhead cost at various levels of activity are presented below: Assume the total overhead cost above consists of utilities, supervisory salaries, and maintenance. The breakdown of these costs at the 39,000 machine-hour level of activity is: Nova Company's management wants to break down the maintenance cost into its variable and fixed cost elements. Required: 1. Estimate how much of the $249,100 of overhead cost in July was maintenance cost. (Hint: To do this, it may be helpful to first determine how much of the $249,100 consisted of utilities and supervisory salaries. Think about the behavior of variable and fixed costs.) 2. Using the high-low method, estimate a cost formula for maintenance in the form Y=a+bX. 3. Express the company's total overhead cost in the form Y=a+bX. 4. What total overhead cost would you expect at an activity level of 44,000 machine-hours? Complete this question by entering your answers in the tabs below. Estimate how much of the $249,100 of overhead cost in July was maintenance cost. (Hint: to do this, it may be helpful to first determine how much of the $249,100 consisted of utilities and supervisory salaries. Think about the behavior of variable and fixed costs.) Note: Do not round your intermediate calculations. Complete this question by entering your answers in the tabs below. Using the high-low method, estimate a cost formula for maintenance in the form Y=a+bX. Note: Do not round your intermediate calculations. Round the "Variable cost per machine hour" to 2 decimal places. Complete this question by entering your answers in the tabs below. Express the company's total overhead cost in the form Y=a+bX. Note: Do not round your intermediate calculations. Round the "Variable cost per machine hour" to 2 decimal places. Complete this question by entering your answers in the tabs below. What total overhead cost would you expect at an activity level of 44,000 machine-hours? Note: Do not round your intermediate calculations