Lotus Ltd has identified the following estimated overhead costs : Budgeted overhead $ 68,400 Machine hours 24,000 Direct Labor Hours 12,500 Number of setups 400 Number of orders 14,000 Machine Hours 15000 Kilowatt hours 45000 The following is two of the products produced by the company during the year Product A Product B Direct materials $ 5,200 $ 2,600 Hourly rate 15 20 Units completed 350 200 DLH Number of setups 5 2 Number of orders 10 14 Machine hours 150 190 Kilowatt hours 60 25 Actual overhead $3500 $2050 The company uses machine hours to apply overhead cost to product A and direct Labor hours to assign overhead cost to product B REQUIRED 1. Calculate the predetermined rate for each product 2. Calculate total product cost using FBC to each product 3. Calculate the unit cost for each Product 4. Is the overhead over-applied or under-applied for each product