Problem 3 (16%) plant-wide overhead rate is used based on direct Jabor hours as cost allocation base. manufacturing overhead is $520,000. The followings are some relevant information for Peter Company: Product B $20 $18 2 hours 20,000 units 40,000 hours 50,000 hours Product A Direct material cost per unit (Actual) Direct labor cost per unit (Actual) Actual Direct labor hours to produce I unit Budgeted number of units produced Total Budgeted direct labor hours Total Actual direct labor hours $10 $15 5 hours 12,000 units 60,000 hours 55,000 hours Required: (Put your answers in the empty spaces provided after each question) Cont'd Problem 3 Compute the over- or under - allocated manufacturine overbead for Peter Company.(3%) 4. Determine the unit product cost of EACH product for the current year under the simple costing system. (6%)