Lotus Ltd has identified the following overhead costs and cost drivers for next year Overhead Items E cost) $ Inspection Cost 25,000 Setups cost 80,000 Ordering Cost 40,000 Maintenance cost 30,000 Power 50,000 Cost Driver El actual transactions) # of inspections 500 Number of setups 600 Number of orders 3,000 Machine Hours 1800 Kilowatt hours 45000 The following is one of the jobs completed during the year Direct materials Hourly rate Units completed DLH # Of inspections15 Number of setups Number of orders Machine hours Kilowatt hours Actual overhead Product X $8000 12 550 840 15 7 15 750 260 $12.500 Product Y $3600 28 400 70 9 4 6 100 125 $1050 The company's practical activity is 18000 machine hours REQUIRED 1. Calculate the predetermined rate for the plant using ABC based on machine hours for each job 2. Calculate product cost under ABC. 3. Calculate the unit cost for each Product (ABC) 4. Is the overhead over-applied or under-applied under ABC