The fileC11_03.xlsx shows the overhead data thatWagner has collected for its shop for the past52x1fweeks. The average weekly overhead for thelast 52 weeks is $54,208, and the average weeklynumber of labor hours worked is 716. Therefore,the normalized rate for overhead that will be usedin the upcoming week is about $76(= 54208/716)per direct labor hour.Questions1. Determine whether you can develop a moreaccurate estimate of overhead costs.2. Wagner is now preparing a bid for an importantorder that may involve a considerable amount ofrepeat business. The estimated requirements forthis project are 15 labor hours, 8 machine hours,$150 direct labor cost, and $750 direct materialcost. Using the existing approach to cost estimation,Wagner has estimated the cost for this jobas $2040(= 150 + 750 + (76 × 15)). Given theexisting data, what cost would you estimate for this job?