BuiltRite Machining reports the following budgeted overhead cost and related data for the year. Budgeted Cost $500,000 30,000 Activity Assembly Product design Factory services Inspection Total 20,000 50,000 $600,000 Activity Cost Driver Machine hours (MH) Engineering hours (EH) Direct labor hours (OLH Inspections Activity Cost Driver Machine hours (M) Engineering hours (EH) Direct labor hours (DUH) Inspections 12 Page 699 Required 1. Compute a single plantwide overhead rate assuming the company allocates overhead cost based on 12,500 machine hours. Activity Usage Job Job 55 66 150 220 15 8 8 2. Job 55 used 150 machine hours and Job 66 used 220 machine hours. Allocate overhead cost to each job using the single plantwide overhead rate from part 1. 3. Compute an activity overhead rate for each activity using activity-based costing. 4. Allocate overhead costs to the following jobs using activity- based costing. Budgeted Activity Usage 24 12,500 600 8 1,250 500