Data table Southwick 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 overhead 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 each production department: Machining Department Assembly Department Job 500 10 MH 15 DL hours Job 501 2 DL hours 20 MH 2 DL hours 15 DL hours Both Jobs 500 and 501 used $1,000 of direct materials. Wages and benefits total $30 per direct labor hour. Southwick Products prices its products at 120% of total manufacturing costs. Print Done - Southwick Products manufactures its products in two separate departments: Machining and Assembly. Total manufacturing overhead custs for the year as budgend at $1,056,000 of this amount the Machring Department in 500,000 (primarly for machine speration and depreciation) while the Assembly Department incurs $456.000. The company estimates that I wil incur 4 000 machine hours (at in the Machising Department) and 9,400 dist labor hours (1,600 in the Machining Department and 8.000 in the Assembly Department) during the years Real Cick the room to view the additional information) Requirement & Based on the current planteide) afocation system, how much profit did the company think it eared on each j Calculate the grass profit using the curent costing system Less Total manufacturing costs Job Jub 5011 S 4.066 $ 4.006 1300 3.360 676 Grass proft poss) Based on the departmental overhead rates and the sales price determined in Requirement 7, how mush art did the company resly sem on each job? Calculate the gross profit using the departmental e costing system (Use parentheses ar a minus sign to show Sains price Less: Total manufacturing cost Direct materials Direct labor Manufacturing overhead Gross prof (6) Job 500 Jub 501