Use the following information to complete questions 1-4: Elevated Expectations Company projected the following overhead costs and cost drivers for past vear (assume that actual overhead and budgeted overhead were the same) Overhead Item Setup costs Ordering costs Maintenance Power Expected Quantity 50 30 Cost Driven Expected Costs $12,150 4,050 Number of setu Number of orders Machine-hours Kilowatt-hours Direct Labor Hours 600 600 500 17.400 2,700 Elevated Expectations contracted for 2 jobs, both of which were completed during the year. Production managers reported the following data in relation to these jobs Direct materials Direct labor Direct labor-hours Number of setups Number of orders Machine-hours Kilowatt-hours Job #1 $17,000 $14,000 280 Job #2 $12.000 $7.000 120 14 17 200 280 120 160 NOTE: Round per-cost-driver costs in intermediate calculations to two decimal places 1. What rate was used to apply Power costs? 2, What is the total cost of Job #1? For Job #2? 3. What is the amount of under- or over-applied overhead for the year? (hint: look at the budgeted (or expected total) vs. amounts that were applied to these 2 jobs.) What would have been the amount of under- or over-applied overhead if Elevated Expectations had used a company-wide rate based on direct labor hours (i.e. the predetermined overhead rate we calculated in Chapter 3)? 4