E4-9 Calculating Traditional Overhead Rates, Assigning Costs [LO 4-1 Schell Company manufactures automobile floor mats. It currently has two product lines, the Standard and the Deluxe Schell has a total of $26,640 in overhead. It currently uses a traditional cost system with overhead applied to the product on the basis of either labor hours or machine hours. Schell has compiled the following information about possible cost drivers and its two product lines: Consumed by Standard Floor Mat Line 580 labor hours 2,960 machine hours Quantity/Amount Consumed by Deluxe Floor Mat Line 380 labor hours 4,200 machine hours Schell Company Total 960 labor hours 7,160 machine hours Required 1. Suppose Schell uses a traditional costing system with direct labor hours as the cost driver. Determine the amount of overhead assigned to each product line. (Round activity rates answers to 2 decimal places and final answers to 2 decimal places.) Overhead Assigned Standard Floor Mat Deluxe Floor Mat 2. Suppose Schell uses a traditional costing system with machine hours as the cost driver. Determine the amount of overhead assigned to each product line. (Round activity rates to 4 decimal places and final answers to 2 decimal places.) Overhead Assigned Standard Floor Mat Deluxe Floor Mat