QUESTION 2 SPI Manufacturing is a job-order manufacturer specializing in manufacturing gear boxes to meet customers' individual requirements. For 2022, it estimated the overhead costs to be $12,560,000 to be allocated using a predetermined rate based on machine hours. Colbert Wuless, the production manager, estimated that his company will use 160,000 machine hours in 2022. During the month of January, Wuless worked on two jobs, which consumed the following resources: Job 2022-A1 Job 2022-A2 Direct Material Cost $6,500 $42,000 $22,000 $165,000 Direct Labour Cost Machine - Hours 1,800 7,000 Number of Units 20 100 At the end of the year, Wuless recorded the consumption of 158,700 machine-hours and incurred manufacturing overhead amounting to $12,538,250. Required: 1. Calculate the predetermined overhead allocation rate for 2022. 2. Calculate the total cost per unit for each job. 3. Determine the total manufacturing overhead applied to jobs during the year. 4. Calculate the under or overapplied overhead for the year and indicate the amount and explain how you will dispose of this amount at end of the year