Data Markup on job cost 75% Machine-hours Directlabor-hours Total fixed manufacturing overhead cost Variable manufacturing overhead per machine-hour Department Variable manufacturing overhead per direot labor-hour $3.75 Cost summary for Job 407 Department Machine-hours Directlabor-hours Directmaterials Direct labor cost Milling Assembly Step 1: Calculate the estimated total manufacturing overhead cost for each department \begin{tabular}{lrrr} & Milling & \multicolumn{1}{c}{ Assembly } \\ Total fined manufacturing overhead cost & $390,000 & $500,000 \\ \hline Variable manufacturing overhead per machine-hour or direct labor-hou & $2.00 & $3.75 \\ Total machine-hours or direct labor-hours & 60,000 & 80,000 \\ \hline Total variable manufacturing overhead & $120,000 & $300,000 \\ \hline Total manufacturing overhead & $510,000 & $800,000 \\ \hline \end{tabular} Step 2: Calculate the predetermined overhead rate in each department \begin{tabular}{lrr} & Milling & Assembly \\ Total manufacturing overhead & $510,000 & $800,000 \\ \hline Total machine-hours or direot labor-hours & 60,000 & 80,000 \\ \hline Predetermined overhead rate per machine-hour or direct labor-hour & $8.50 & $10.00 \end{tabular} Step 3: Calculate the amount of overhead applied from both departments to Job 407 Predetermined overhead rate per machine-hour or direct labor-hour Milling Assembly Machine-hours or direct labor-hours for the job Manufacturing overhead applied $8.50$10.00 Step 4: Calculate the total job cost for Job 407 \begin{tabular}{l|r|r|r|} \hline & \multicolumn{1}{c|}{ Milling } & Assembly & \multicolumn{1}{c}{ Total } \\ \hline Direct materials & $800.00 & $370.00 & $1,170.00 \\ \hline Direot labor cost & $70.00 & $280.00 & $350.00 \\ Manufacturing overhead applied & $765.00 & $200.00 & $965.00 \\ \hline Total cost of Job 407 & & & $2.485.00 \\ \hline \end{tabular} Step 5: Calculate the selling price for Job 407 Total cost of Job 407 Markup Selling price of Job 407 2,485.001,863.754,348.75 2. Change the total fixed manufacturing overhead cost for the Milling Department In Data area back to $390,000, keeping all of the other data the same as in the original example. Consider a new Job, Job 408 , with the following characteristics: In your worksheet, enter this new data In the cells for Job 407. What is the new selling price for Job 408? (Round your final answer to 2 decimal places.) 3. Without changing the data for the job from requirement 2 above, what is the selling price for Job 408 if the total number of machinehours in the Assembly Department Increases from 3,000 machine-hours to 4,000 machine-hours? (Round your final answer to 2 decimal places.) 4. Restore the total number of machine-hours In the Assembly Department to 3,000 machine-hours. And keep the job data the same as It was in Requirement 2. What is the selling price for Job 408 if the total number of direct labor-hours in the Assembly Department decreases from 80,000 direct labor-hours to 40,000 direct labor-hours? (Round your final answer to 2 decimal places.)