AC 120 Casting Answer all questions and show your working Question 1 Functions.com JIM Ltd has identified the following overhead costs and cost drivers for next yes Expenses/Cost Expected cost) Selling cost 55,000 Administration Cost 35,000 Manufacturing overhead cost 38.000 Utilities cost factory 22.0 Cost Driver El actual transaction) Direct Labour Hours 3500 Machine Hours 9,000 The following is the cost of products made by the company Direct materials Direct Labor Hour Rate Units completed DLH (hours) Machine hours Actual Costs Predict X 54200 $29.00 250 460 TRS 1500 Product Y S3600 $14.00 210 320 160 5100 REQUIRED 1. Calculate the predetermined Rate (PR) for product X using machine hours and product Y using direct labour hours 2. What is the applied cost assigned to product and product Y? 3. Calculate the total product cost using FBC for both products 4. Calculate the unit cost for each product 5. Is the applied cost for each product under or over-applied 6. What are the disadvantages of FBC and what solution has beetl offered as alternative? 140 marks