Identifying the Parts of the Cost Formula; Calculating Monthly, Quarterly, and Yearly Costs Using a Cost Formula Based on Monthly Data Gordon Company's controller, Eric Junior, estimated the following formula, based on monthly data, for overhead cost: Overhead Cost = $317,000 + ($66 x Direct Labor Hours) Required: 1. Select the term in the right column that corresponds to the term in the left column Overhead cost $317,000 $66 Direct labor hours 2. If next month's budgeted direct labor hours equal 8,000, what is the budgeted overhead cost? 3. If next quarter's budgeted direct labor hours equal 24,000, what is the budgeted overhead cost? 4. If next year's budgeted direct labor hours equal 96,000, what is the budgeted overhead cost