17-1A (Algo) Comparing plantwide rate method and activity-based costing LO P1, P3 Craftmore Machining reports the following budgeted overhead cost and related data for this year. Activity Budgeted Cost Assembly $ 477,750 Activity Cost Driver Direct labor hours (DLH) Product design Electricity Setup Total 73,500 24,500 61,250 Engineering hours (EH) Machine hours (MH) Setups $ 637,000 Budgeted Activity Usage 13,000 1,470 10,000 490 Required: 1. Compute a single plantwide overhead rate assuming the company allocates overhead cost based on 13,000 direct labor hours. 2. Job 31 used 320 direct labor hours and Job 42 used 560 direct labor hours. Allocate overhead cost to each job using the single plantwide overhead rate from part 1. 3. Compute an activity rate for each activity using activity-based costing. 4. Allocate overhead costs to Job 31 and Job 42 using activity-based costing. Activity Cost Driver Direct labor hours (DLH) Engineering hours (EH) Machine hours (MH) Setups Activity Usage Job 31 Job 42 320 35 560 41 60 5 60 7 Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Required 4 Compute a single plantwide overhead rate assuming the company allocates overhead cost based on 13,000 direct labor hours. Numerator Denominator Required 1 Required 2 > Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Required 4 Job 31 used 320 direct labor hours and Job 42 used 560 direct labor hours. Allocate overhead cost to each job using the single plantwide overhead rate from part 1. Job 31 Job 42 Plantwide Overhead Rate Overhead Direct Labor Hours per Unit Allocated < Required 1 Required 3 > Required 1 Required 2 Required 3 Required 4 Compute an activity rate for each activity using activity-based costing. (Round "Activity Rate" to 2 decimal places.) Budgeted Cost Activity Budgeted Activity Usage Activity Rate Assembly Product design Electricity Setup < Required 2 Required 4 > Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Required 4 Allocate overhead costs to Job 31 and Job 42 using activity-based costing. (Round "Activity Rate" to 2 decimal places.) Activity Assembly Product design Electricity Setup Total Activity Assembly Product design Electricity Setup Total Allocate overhead to Job 31 Activity Usage Activity Rate Allocated Cost Allocate overhead to Job 42 Activity Usage Activity Rate Allocated Cost < Required 3 Required 4