Formula transition

So we will be transitioning to formula relatively soon. I have so many questions. How do I know how many ounces my little one should take in and how often? Breastfed is on demand or if in a bottle 4oz every 2-2.5 hours. I didn’t know if with formula I give more? Is it still every 2 hours? Also, is it ok to still use level 1 nipples, as we have tried 2, and he drowns the whole time. Someone help me 😅