25 2 1 Exercise 5-34 (Algo) Methods of Estimating Costs: Account Analysis (LO 5-3) Records at Hal's Accounting Services show the following costs for year 1 Direct materials and Supplies $47,000 Employee costs Total overhead 2,900,000 1,290,000 Production was 20,000 billable hours. Fixed overhead was $740,000 Assuming no change in billable hours in year 2, direct materials and supplies costs are expected to increase by 10 percent Direct labor costs are expected to increase by 15 percent. Variable overhead per billable hour is expected to remain the same, but feed overhead is expected to increase by 5 percent Required: a Year 2 production is expected to be 16,000 billable hours. What are the estimated direct materials, direct labor, variable overhead. and fixed overhead costs for year 2? b. Determine the total costs per billable hour for year 1 and year 2. Complete this question by entering your answers in the tabs below Required A Required Year 2 production is expected to be 16,000 billable hours. What are the estimated direct materials, direct labor, variable overhead, and fixed overhead costs for year 2? (Do not round intermediate calculations.) Cost Direct materials and supplies Year 2 Cost Direct labor Variatie overhead Fixed overhead Total costs > Save & Ext Subme