Question 1 Superior Manufacturers has two departments: Welding and Assembly. The Welding department calculates its predetermined overhead absorption rate based on machine hours while the Assembly department calculates its rates based on direct labour hours. On January 12015 the company had the following estimates: Required: i. Compute the predetermined rates to be used in each department during 2007. [3 marks] ii. Calculate the cost and selling price of Job ACQ122 which was started and completed during the year. Details relating to the job are provided below: [17 marka] Avorional intormation Superior Manufacturers Company recovers Selling, Distribution and Administrative overheads at a rate of 20% of production cost and profit is based calculated as 25% of selling price Labour rates for both departments are $250 per hour