Problem 4 (20 points) In its production process, Oxford Corporation has four categories of overhead. Below is a schedule of their fiscal year 20x1 budgeted overhead costs and budgeted overhead cost driver activity for each overhead category: Overhead Item Setup costs Ordering costs Maintenance Power Overhead Items and Related Cost Drivers Budgeted Costs $583,200 Cost Driver Number of setups Budgeted Quantity 2,400 270,000 Number of orders 20,000 928,000 Machine-hours 32,000 90,000 Kilowatt-hours 200,000 Oxford Corporation follows a job order cost system. Currently, in-house they have two activity production jobs. Following is a schedule detailing cost and cost driver activity for January 20x1: Actual Cost, Units Produced & Cost Driver Activity For month-ending January 20x1 Required Job 626 Direct production costs Direct materials $9,000 Direct labor $12,000 Job 627 $10,000 $7,000 Actual units produced and cost driver activity Units produced 750 600 Direct labor-hours 45 110 Number of setups 6 7 Number of orders 8 15 Machine-hours 180 150 Kilowatt-hours 90 120 a. Prepare a schedule showing the cost driver allocation rates for allocating Oxford's overhead cost to Job 626 and Job 627. (Round amounts to 2 decimal places.) b. Using the allocation rates derived above, allocate the overhead cost to each of Job 626 and Job 627. c. Prepare a schedule detailing Total Production Cost and Production Cost per unit for each of Job 626 and Job 627.