EcoFabrics has budgeted overhead costs of $1,105,650. It has assigned overhead on a plantwide basis to its two products /wool and cotton) using direct labor hours which are estimated to be 526,500 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 icost driver is machine hours) and design (cost driver is number of setups). Total estimated machine hours is 234,000, and total estimated number of setups is 1,755 . Overhead allocated to the cutting cost pool is $421,200 and $684,450 is allocated to the design cost pool. Additional information related to product usage by these pools is as follows. Your answer is partially correct. Calculate the overhead rate using activity based costing. (Round per machine hour to 2 decimal places, es. 12.25.) Determine the amount of overhead assigned to the wool product line and the cotton product line using activity-based costing eTextbook and Media Your answer is correct. Calculate the overhead rate using traditional approach. (Round answer to 2 decimal places, e.g. 12.25.) Overhead rates using the traditional approach per direct labor hour What amount of overhead would be assigned to the wool and cotton product lines using the traditional approach, assuming direct labor hours were incurred evenly between the wool and cotton