Buintana Products manufactures its products in two separate departments: Machining and Assembly Total manufacturing overhead costs for the year are budgeted at $1,056,000. Of this amount, the Machining Department $600,000 (primarily for machine operation and depreciation) while the Assembly Department incurs $456,000. The company estimates that it will incur 4,000 machine hours (all in the Machining Department) and 9,600 direct labor hours (1,600 in the Machining Department and 8,000 in the Assembly Department) during the year. (Click the icon to view the additional information) Read the requirements Requirement 1. Compute the company's current plantwide overhead rate (Round your answer to the nearest dar Begin by determining the formula, then compute the rate Plantade overhead rate