QUESTION 2 Venus Ltd has identified the following overhead costs and cost drivers for next year. Company uses machine hours to allocate overhead Overhead Items ESTIMATED( cost) $ Budgeted machine hours 54000 Budgeted overhead cost $120,000 The following is one of the jobs completed during the year Job 520 Direct materials $7600 Hourly rate for DL $35 Units completed 400 Direct Labour Hours (actual] 240 Machine hours actual 345 Number of orders 4 Number of set ups 16 Kilowatt hours 25 Actual overhead $3250 REQUIRED 1. Calculate the predetermined rate for the plant using functional based costing for the job 2. Calculate the applied cost for Job 3. Calculate total product cost using FBC of the job 4. Calculate the unit cost for job? 5. Is the overhead over-applied or under-applied