Job costing Using FBC IBL company has identified the following overhead costs and cost drivers for next year. Company uses machine hours as cost driver The estimated overhead for the year = $56,000 The following is one of the jobs completed during the year Job X Direct materials = 400 units DM cost per unit = $4.50 Direct Labor Hours= 90 hours Hourly rate = $20 Units completed = 200 units Actual machine hours used = 5000 hours Actual overhead cost = $2,500 The company uses machine hours to allocate cost to the product Required 1. Find the PR for the company 2. Allocate the overhead cost to the product 3. Calculate the total product cost 4. Find the unit cost 5. If the company works on a 35% margin, what will be the selling price per unit 6. Did the company over-apply or under-apply the overhead cost. How is it going to be corrected on the book of the comapany