2. If next month's budgeted direct labor hours equal 10,500, what is the budgeted overhead cost? 1,002,000. 3. If next quarter's budgeted direct labor hours equal 31,500, what is the budgeted overhead cost 2,637,700 X 4. If next year's budgeted direct labor hours equal 126,000, what is the budgeted overhead cost? 9,912,000 X Feedback Che My 1. Dependent variable is the cost being predicted. Independent variable is the cost driver. The total cost formula consists of fixed costs (constant) and variable costs (variable rate number of direct labor hours), 2. Substitute 8.000 hours for the units X) in the cost formula 3. Multiply the monthly costs from the cost formules created by 3. Substitute 23,000 hours for the units in the cost formula 4. Multiply the monthly costs from the cost formulas created by 12. Substitute 99,000 hours for the units in the cost formula Identifying the Parts of the Cost Formula; Calculating Monthly, Quarterly, and Yearly Costs Using a Cost Formula Based on Monthly Data Gordon Company's controller, Eric Junior, estimated the following formula, based on monthly data, for overhead cost: Overhead Cost = $183,000 + ($78 x Direct Labor Hours) Required: 1. Select the term in the right column that corresponds to the term in the left column. Overhead cost Dependent variable $183,000 Fixed cost (intercept) $78 Variable rate (slope) Direct labor hours Independent variable $ 2. If next month's budgeted direct labor hours equal 10,500, what is the budgeted overhead cost? 1,002,000. 3. If next quarter's budgeted direct labor hours equal 31,500, what is the budgeted overhead cost? 2,637,700 x 4. If next year's budgeted direct labor hours equal 126,000, what is the budgeted overhead cost? 9,912,000 x