Abbott Suit Corporation (ASC) manufactures BOTH nylon AND cotton jogging suits. On 1/1/20, this was ASC's Balance Sheet Cash $2,000,000 Accounts payable 0 AR 0 Wages Payable 0 RMI/WIP/FGI 0 Common Stock/APIC $2,000,000 PP&E 0 Retained Earnings 0 Total assets $2,000,000 Liabs. Owner's Equity $2,000,000 On 1/1/20, Erin Rogers ESTIMATES the following costs: Rent on MANUFACTURING facility $30,000 Salaries for CEO, cost accountant, administrative staff $10,000 Depreciation for machinery $10,000 Interest Expense $10,000 ABBOTT SUIT CORPORATION USES MACHINE HOURS TO ALLOCATE UTILITIES AND INDIRECT LABOR. Abbott Suit Corporation direct labor hours to allocate rent on manufacturing facility and depreciation on the machinery. Erin Rogers, UW-M graduate, creates the following standards for the two jogging suits: Nylon Jogging Suits Cotton Jogging Suits Std.qty/suit Std.price/input Std.qty/suit Std.price/input Direct Materials 2 yds/suit $10/yd 3 yds/suit $20/yd Direct Labor 5 dlh/suit $10/dlh 4 dlh/suit $5/dlh VOH utilities/indirect labor 3 mh/suit $10/mh 4 mh/suit $10/mh Abbott Suit Believes that it can sell Nylon Jogging Suits for $500/suit and Cotton Jogging suits for $400/suit. Abbott Suit has a goal operating income of $50,000 and believe that it will sell 3 times as many Cotton jogging suits as nylon jogging suits (that is, for every nylon jogging suit sold, 3x - or 3 times - that many cotton jogging suits will be sold). 1. Compute how many NYLON and COTTON jogging suits must be sold in order to achieve the goal operating income of $50,000 (SHOW YOUR WORK). (5 pts.). 2. On 1/1/20, ASC has the following balances: Cotton Jogging Suits: Nylon Jogging Suits O suits O suits And ASC BUDGETS the following balances for 12/31/20: Cotton Jogging Suits Nylon Jogging Suits 200 suits 50 suits REQUIRED: indicate how many cotton and nylon jogging suits ASC is budgeted to make in 2020 (3 pts). 3. Calculate the predetermined FIXED overhead rate (3 pts)