Q-7 Following information is made available from the costing records of a factory: (i) The original cost of the machine : $1,00,000 Estimated life : 10 years Residual Value : $5,000 Factory operates for 48 hours per week : 52 weeks in a year Allow 15% towards machine maintenance down time. 5% (of productive time assuming unproductive) may be allowed as setting up time. (ii) Electricity used by the machine is 10 units per hour at a cost of 50 cents per unit. (iii) Repair and maintenance cost is $500 per month. (iv) Two operators attend the machine during operations alongwith two other machines. Their total wages including fringe benefits, amounting to $5,000 per month is paid. (v) Othe overheads attributable to the machine are $10,431 per year. Using above data, calculate machine hour rate