Bridgenorth Inc. uses ABC to account for its chrome wheel manufacturing process. Company managers have identified four manufacturing activities that incur manufacturing overhead costs: materials handling, machine set-up, insertion of parts, and finishing. The budgeted activity costs for the upcoming year and their allocation bases are as follows: (Click the icon to view the budgeted costs and activity bases.) Bridgenorth Inc. expects to produce 1,000 chrome wheels during the year. The wheels are expected to use 3,000 parts, require 20 set-ups, and consume 2,000 hours of finishing time. Job 420 used 125 parts, required 5 set-ups, and consumed 120 finishing hours. Job 510 used 450 parts, required 6 set-ups, and consumed 340 finishing hours. Requirement 1. Compute the cost allocation rate for each activity. First, identify the formula, and then compute the rate for each activity. Budgeted costs and activity bases Budgeted costs and activity bases Requirements 1. Compute the cost allocation rate for each activity. 2. Compute the MOH cost that should be assigned to Job 420 . 3. Compute the MOH cost that should be assigned to Job 510. Requirement 3. Compute the manufacturing overhead cost that should be assigned to Job 510. Requirement 3. Compute the manufacturing overhead cost that should be assigned to Job 510