2) Consider the following 2016 manufacturing cost summary showing budgeted and actual cost, prepared for Jefferson Company. When making your calculations, consider that 70% of Jefferson's building is used for the manufacturing operations. 2016 Budgeted $90,000 225,000 15,000 25,000 24,000 0,000 80,000 15,000 12,000 80,000 14,000 2016 Actea $110,000 245,000 25,000 30,000 32,000 50,000 80,000 15,000 15,000 Direct materials Direct Labor Utilities oa building seuns te n dab 2400038.08,0 252 Sales Team Salaries Depreciation on factory equipment Depreciation on building Depreciation oa administrative equipment Idle Time- factory workers salary. Factory Supervisor Iadirect Materials/ xa. 8,000 b0150 Total Cost $630,000 $690,000 Direct Labor Hours Machine Hours 12,000 24,000 11,500 29,000 What was Jefferson's total budgeted product cost? A) S579,000 B) $$89,500 C)$$55,000 D) s$91,000 E)NOTA 24 ,902-o 210020000 3) Continue with question #2. Assuming that Jefferson applies overhead to production based on Direct Labor Hours. By what dollar amount was Jefferson's overhead over or under applied? A) $47,500 under-applied B) $7,500 under-applied C) $42,500 over-applied D) S17,500 under-applied E) NOTA