A small company expects to produce 8,000 items in the upcoming year. The current material cost is $5.25 each. 14 minutes of direct labor are required per unit. Workers are paid $7.50 per hour. 2,133 direct labor hours are forecasted for the product. Miscellaneous overhead costs are estimated at $48,000.
Find the expected direct material cost, the direct labor cost, the prime cost, the burden as a function of production and direct labor, and the total cost.