(561) - harinder011220 X MInbox (562) harinder011220 x Is the applied cost for produc x CIM Ltd e.com/c/MzM1MzMwNjQyMzQ0/a/MzY4Mzc3NDAzNTE2/details Question 1 : Function-based costing JIM Ltd has identified the following overhead costs and cost drivers for next year Expenses/cost Selling cost Administration Cost Manufacturing overhead cost Utilities cost [store] Cost Drivers: Product X Product Y Direct Labour Hours Machine Hours Expected (cost) $ 45,000 35,000 108,000 12,000 Machine Hours Direct Labour Hours 12,000 hours 18,000 hours The following is the cost of 2 products made by the company: Direct materials Direct Labor Hour Rate Units completed DLH (hours) Machine hours Actual Oost Product X $4200 $10.50 150 560 660 S 3200 Product Y $2600 $16.50 200 420 240 42100 O ZA 23C Mostly SUS gle.com/c/MzM1MzMwNjQyMzQ0/a/MzY4M2c3NDAzNTE2/details REQUIRED 1. Calculate the Predetermined Rate (PR) for product X using machine hours and product Y using direct labour hours 2. What is the applied cost assigned to product X and product Y? 3. Calculate the total product cost using FBC for both products 4. Calculate the unit cost for each product 5. Is the applied cost for product X under or over-applied? What effect this will have on the cost of goods sold and the Net income? 6. Is the applied cost for product Y under or over-applied? What effect this will have on the cost of goods sold and the I Net income [30 marks) Question 2 Project Selection 11 23C Mostly ASUS ca FNO F12 D in ig $ % G & 7