Question 2 (5 marks) Tory Company derived the following cost relationship from a regression analysis of its monthly manufacturing overhead cost. y = $80,000 + $12x where: y = monthly manufacturing overhead cost X = machine-hours The standard error of estimate of the regression is $6,000. The standard time required to manufacture one six-unit case of Tory's single product is four machine-hours. Tory applies manufacturing overhead to production on the basis of machine-hours, and its normal annual production is 50,000 cases. Required: 1. Calculate Tory's estimated variable manufacturing overhead cost for a month in which scheduled production is 10,000 cases ? 2. Calculate Tory's predetermined fixed manufacturing overhead rate