2. Tidwell Industries has the following overhead costs and cost drivers. Direct labor hours are estimated at 100,000 for the year. Cost Driver Orders Setups Machine hours Parts Inspections Est.Overhead Ordering and Receiving Machine Setup Machining Assembly Inspection Cost Driver Activity 500 orders 450 setups 125,000 MH 1,000,000 parts 500 inspections S 120,000 297,000 1,500,000 1,200,000 300,000 1. If overhead is applied using traditional costing based on direct labor hours, what is the overhead application rate? 2. If overhead is applied using activity-based costing, what is the overhead application rate for ordering and receiving? 3. Estimated costs for activity cost pools and other item(s) are as follows: Machining Assembling Advertising Inspecting and testing $500,000 200,000 450,000 175,000 What is total estimated overhead? 4. One of Matheny Company's activity cost pools is inspecting, with estimated overhead of $200,000. Matheny produces throw rugs (700 inspections) and area rugs (1,300 inspections). How much of the inspecting cost pool should be assigned to throw rugs? 5. For its inspecting cost pool, Ellsworth, Inc. expected overhead cost of $400,000 and 4,000 inspections. The actual overhead cost for that cost pool was $480,000 for 5,000 inspections. What is the activity- based overhead rate used to assign the costs of the inspecting cost pool to products