Ecof abrics has budgeted overhead costs of \$1,162,350. It has assigned overhead on a plantwide basis to its two products (wool and cottonl using direct labor hours which are estimated to be 553500 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 deiver is machine hours) and design (cost driver is number of setupn). Total estimated machine hours is 246,000, and total estimuted number of setups is 1.845 . Overhead allocated to the cutting cost pool is $442.800 and $719.550 is allocated to the design cost pool Additional information related to product usage by these pool k as follom. Calculate the overhead rate using activity baved costine (Aound per mochine hour to 2 decimbl ploces eg. 1225 ) Determine the amount of overhesd assigned to the wool product line and the cotton product line using activity based costing eTextbook and Media Calculue the overhead rate using traditional approsch, (fhound anower to 2 decimal ploces, es: 12.25) Overhead rates using the traditional approach Der direct labar hour What amount of overhead would be assigned to the wool and cotton product lines using the traditional apgroach, assuming direct labor hours were incurred evenly between the wool and cotton