content area top Part 1 Prescott makes handheld calculators in two models: basic and professional. Prescott estimated $819,500 of manufacturing overhead and 745,000 machine hours for the year. The basic model actually consumed 260,000 machine hours, and the professional model consumed 485,000 machine hours. Requirements 1. Compute the predetermined overhead allocation rate using machine hours (MHr) as the allocation base. 2. How much overhead is allocated to the basic model? To the professional model