Exercise 5-31 (Static) Methods of Estimating Costs: Account Analysis (LO 5-1, 2) Summit Corporation manufactures machines for the opparel industry. The production manager and cost analyst reviewed the accounts for the previous quarter and have provided an estimated breakdown of the fixed and variable portions of manufacturing overthead: Direct materials for the quarter amounted to $351,500. Direct labor for the quarter was $712,500. During the quarter, 9,500 units were produced. Required: a. No changes are expected in these cost relations next quarter. The firm has budgeted production of 12.350 units. Provide an estimate for total production cost for next quarter. b. Determine the cost per unit of production for the previous quarter and the estimated cost per unit next quarter. Complete this question by entering your answers in the tabs below. No changes are expected in these cost relations next quarter. The firm has budgeted production of 12,350 units. Provide an estimate for total production cost for next quarter. Note: Do not round intermediate calculations