Question 4: 5.5 marks Vector Turbo Pty Ltd manufactures retro socks and gloves for cycling. Socks (per pair) Gloves (per pair) Machine hours required per unit 3 hrs 4 hrs Standard cost per unit: Direct material $3.50 $4.50 Direct labour 10.00 15.00 Manufacturing overhead: Variable 3.00 2.50 Fixed w E Total $21.00 $27.50 Variable manufacturing overhead is allocated on the basis of direct labour hours and fixed manufacturing overhead is allocated on the basis of machine hours. The company requires 10,000 pairs of socks and 12,000 pairs of gloves. Management have decided to introduce a new apparel line. The company has only 36,000 machine hours per year that can be utilised for production of socks and gloves. An external organisation has offered to sell Vector socks for $20.00 and gloves for $25.00 per pair. Required: (Consider each question below independently) Show all workings for the below calculations