Cullumber has budgeted overhead costs of $1.229,700. It has assigned overhead on a plantwide basis to its two products (wool and cotton) using direct labor hours, which are estimated to be 614,850 for the current year. The company has decided to experiment with activity-based costing and has created two activity cost pools and related activity cost drivers. These two cost pools are cutting (cost driver is machine hours) and design (cost driver is number of setups). Overhead allocated to the cutting cost pool is $520,800 and $708,900 is allocated to the design cost pool. Additional information related to these pools is as follows. Total Machine hours Number of setups Wool 93,000 1,390 Cotton 93,000 695 186,000 2,085 Determine the amount of overhead assigned to the wool product line and the cotton product line using activity-based costing (Round rate per unit to 2 decimal places, e.g. 1.25 and final answers to O decimal places, eg. 5,125.) Cutting Design tivity-based overhead rates $ 2.80 per machine hour 340 per setup Wool Cotton Overhead assigned $ 733000 496700 What amount of overhead would be assigned to the wool and cotton product lines using the traditional approach, assuming direct labor hours were incurred evenly between the wool and cotton? How does this compare with the amount assigned using ABC in part above? (Round rate per direct labor hour to 2 decimal places, eg. 1.25 and final answers to decimal places, eg. 5,125. Enter negative answers using either a negative sign preceding the number eg.-2,945 or parentheses eg. (2.9451) Overhead rate using traditional approach $ 2 per direct labor hour Traditional costing (B) Difference (A)-(B) Activity-based costing (A) $ 614850 Wool $ $ $ Cotton $ $