1 QUESTION 3 8 MARKS 16 MINUTES 2 3. Jaskier's Guitars and Lutes produces guitars and other stringed instruments for expert musicians across the world. The following data 4 is available for the most recent six months of production. 5 6 7 8 Direct Labour Manufacturing hours Overhead Cost 5,590 12,500 10,300 9,600 6,000 7,160 3,225 6,340 4,000 5,170 2,600 6,980 Month April May June July August September 9 10 11 12 13 14 Required: a) b) 15 Calculate the cost equation for manufacturing overhead using the high-low method. For a month in which 7,000 direct labour hours went into producing guitars, estimate the cost of manufacturing overhead. 16 17