Case 1 Best Pty Ltd applies overhead on the basis of direct labour costs. The company estimates annual overhead costs will be STl and annual direct labour costs will be $95,llll. During Februaiy, Best Pty Ltd works on two jobs: A16 and Ell in". Summary Data coucemiug these jobs are as follows. Manufacturing Casts Incurred Purchased $54301} of raw materials on account. Factory Labour $16301} plus Millllll employer payroll taxes\" Manufacturing overhead exclusive of indirect materials and indirect labour $59,801}. Assignment ut'Casts Direct materials: lob A115 i and Job H] T $21,. Indirect materials: $10111] Direct Labour: Jul: Alli: $52,011\" and Jul] El 7 5263\"\" hirect Lab-out". $2,000 The company completed Job A16 and sold it on account for $15Dill0. Job E l T was only partially completed. Instructions a. Compute the predetermined overhead rate (5 Marks}. b. Iouroalize the February transactions and explain the meaning of each journals relate to the costing system (5 Marks]. c. What was the amount of under- or overlapped mauufactm'ing overhead? Explain what die meaning of under or overlapped manufacturing overhead [5 Marks]