Question 1 a) XYZ Company serves valued clients only where the clients have complete trust on the company regarding pricing. Clients allow the company to make any adjustments to provisional prices that the company shares with the clients initially. XYZ Company applies actual costing for pricing. Write a note on over-applied or under-applied overhead for XYZ Company covering disposal of the same, if any. b) Monthly budgeted overhead costs and allocation base used in three departments of Apex Textile Ltd is given below: General administrative overheads are expected to be $30,000 for the month. During December 2021, Apex completed Job AX1 with the following data: i Material costs $3,000 ii Actual labour hours used: Cutting - 20 hours, Dying - 40 hours, and Finishing - 10 hours Required: Based on the above data, you are required to: i Calculate the variable and fixed overhead absorption rates for each department ii Calculate the general administration overhead absorption rate in direct labour hours iii Calculate the selling price of the job if the profit is set at 25% margin