EcoFabrics has budgeted overhead costs of $1,067,850. It has allocated overhead on a plantwide basis to its two products (wool and cotton) using direct labor hours which are estimated to be 508,500 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 foost driver is machine hours) and desigin (cost driver is number of setups). Overhead allocated to the cutting cost pool is 5406,800 and $661,050 is allocated to the design cost pool. Additionat information related to these pools is as follows: Calculate the overhead rate using activity based costing (Round answers to 2 decimal places, eg. 12.25.) Determine the amount of overhead aliocated to the wool product line and the cotton product line using activity-based costing eTextbook and Media Calculate the overhead rate using traditional approach. (Round answer to 2 decimol ploces, es. 12.25.) Overhead rates using the traditional approach per directlabor hour What amount of overhead would be allocated to the wool and cotton product lines using the traditional approach. asuming direct labor hours were incurred evenly between the wool and cotton