A company has identified the following overhead costs and cost drivers for the coming year. Overhead Item Budgeted Activity Machine set-up Inspection Material handling Engineering Total Cost driver Number of set-up Number of inspection Number of material moves Number of engineering hours 200 6,500 8,000 1,000 Budgeted overhead P20,000 130,000 80,000 50,000 P280,000 The following information was collected on three jobs that were completed during the year: Job 101 Job 102 Job 103 Direct materials P5,000 P12,000 P8,000 Direct labor 2,000 2,000 4,000 Units completed 100 50 200 Number of setups 1 2 4 Number of inspections 20 10 30 Number of material moves 30 10 50 Number of engineering hours 10 50 10 Budgeted direct labor cost was P100,000 and budgeted direct material cost was P280,000. If the company uses activity-based-costing, how much overhead cost should be assigned to Job 103? a P1,300 c. P 5,000 b P 2,000 d. P5,600