The controller of Bacolod General Hospital has recently decided to set prices for laboratory tests using the formula based on costs. She has analyzed each type of test as follows: Class of Test Time Required Number Performed in Average Year 12 minutes 38,000 II 15 minutes 17,000 III 30 minutes 9,000 Variable costs are negligible. The controller believes all lab technicians are salaried, it is best to treat their salaries as overhead costs. Total annual overhead costs are P960,000. Required: 1. Calculate a predetermined overhead rate per minute. Round off to nearest P0.001 2. Determine the price each class of test that will make the laboratory break-even. Round off to nearest cent. 3. Suppose that the laboratory performs 37,000 Class I, 17,000 Class II, and 10,000 Class III tests. Total costs are P965,000. Determine profit or loss. TIPS in answering this case 1) Determine the total number of minutes to all class of tests and divide total costs from total number of minutes. 2) Determine the time required in minutes to all class of tests and multiply them with the no. 1 answer 3) Compare sales revenues from total costs to all class of tests