Antz is a custom manufacturer of electronic circuit boards. Antz develops bids for jobs based on an estimate of the materials needed and a labor estimate. Overhead is applied based on direct labor hours. A 15 percent profit margin is then added to each job for the final bid. During 2004, Antz had the following costs: Materials............................................. $175,000 Labor (all direct) ................................ 25,000 Overhead ............................................ 250,000 After some consideration the manager of Antz decided that overhead was not caused totally by direct labor. Approximately one-half of the overhead represented the cost of purchasing, storing, and issuing materials to production. Thus, the manager has decided to develop a multiple overhead rate system. Required: 16-17. Divide overhead in half and calculate two overhead ratesone based on direct labor hours and a second based on material dollars. Using the information in items 16-17, Antz has been given two jobs to bid on. Estimated materials and labor are as follows: Job 1 Job 2 Materials costs................................ $15,000 $50,000 Labor hours.................................... 700 DLHs 600 DLHs $5/ DLH 18. What is the selling price for Job 1? 19. What is the selling price for Job 2?