EcoFabrics has budgeted overhead costs of $1,011,150. It has assigned overhead on a plantwide basis to its two products (wool and cotton) using direct labor hours which are estimated to be 481,500 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). Total estimated machine hours is 214,000, and total estimated number of setups is 1,605. Overhead allocated to the cutting cost pool is $385,200 and $625,950 is allocated to the design cost pool. Additional information related to product usage by these pools is as follows. Wool Cotton Machine hours 107,000 107,000 Number of setups 1,070 535 Calculate the overhead rate using activity based costing. (Round per machine hour to 2 decimal places, e.g. 12.25.) Overhead rates for activity- based costing Cutting $enter a dollar amount per machine hour rounded to 2 decimal places per machine hour Design $enter a dollar amount per setup per setup eTextbook and Media Determine the amount of overhead assigned to the wool product line and the cotton product line using activity-based costing. Wool product line Cotton product line Overhead Allocated Senter a dollar amount Senter a dollar amount eTextbook and Media Calculate the overhead rate using traditional approach. (Round answer to 2 decimal places, e.g. 12.25.) Senter the overhead rate per direct labor hour in dollars rounded to 2 decimal places Overhead rates using the traditional approach per direct labor hour