Data Table Machining Assembly Department Department Job.500 ....4 MH 10 DL hours 2 DL hours Job.501 ....8 MH 10 DL hours 2 DL hours Both Jobs 500 and 501 used $1,000 of direct materials. Wages and benefits total $20 per direct labor hour. Voisine Products prices its products at 110% of total manufacturing costs. Print Done Voisine Products manufactures its products in two separate departmenta: Machining and Assembly. Total manufacturing overhead costs for the year are budgeted at $1.050,000. Of this amount, the Machining Department incura $650.000 (primarily for machine operation and depreciation) while the Assembly Department incurs $400,000. The company estimates that it will incur 5.000 machine hours (all in the Machining Department) and 10,000 direct labor hours (2,000 in the Machining Department and 8,000 in the Assembly Department) during the year. Voisine Products currently uses a plantwide overhead rate based on direct labor hours to allocate overhead. However, the company is considering refining its overhead allocation system by using departmental overhead rates. The Machining Department would allocate its overhead using machine hours (MH), but the Assembly Department would allocate its overticad using direct labor (DL) hours. The following chart shows the machine hours (MH) and direct labor(DL) hours incurred by Jobs 500 and 501 in cach production department: (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 doller.) Begin by determining the formula, then compute the rate. = Plantwide overhead rate per DL hour Requirement 2. Compute refined departmental overhead rates. Determining the formula, then compute the rates. (Round your answers to the nearest dollar.) = Departmental overhead rate Machining - per mach hour Assembly L per DL hour Requirement 3. Which job (Job 500 or Job 501) uses more of the company's resources? Explain of the company's resources. machine hours than the other job. The accounting system should show that one job actually the other Requirement 4. Compute the total amount of overhead allocated to each job if the company uses its current plantwide overhead rate. Job 500 Job 501 Total direct labor hours x Plantwide allocation rate Overhead allocation Requirement 5. Compute the total amount of overhead allocated to each job if the company uses departmental overhead rates. Job 500 Job 501 Overhead allocation - Machining Department Overhead allocation - Assembly Department Total overhead allocation Requirement 6. Do both of the allocation systems accurately reflect the resources each job used? Explain. The single plantwide overhead rate assigned of overhead to both jobs. The departmental rates assign to Job 501 than Job 500 due to the used. This seems