Edmund Company manufactures wheel rims. The controller The company expects to produce 500 units of each model expects the following ABC allocation rates for 2018: during the year. B (Click the icon to view the allocation rates.) Read the requirements. Edmund produces two wheel rim models: standard and deluxe. Expected data for 2018 are as follows: (Click the icon to view the expected data.) Requirement 1. Compute the total estimated indirect manufacturing cost for 2018. Begin by selecting the formula to compute the total estimated overhead (OH) costs. Total estimated overhead costs Predetermined overhead allocation rate x Total estimated qty of the allocation base Now compute the total estimated indirect manufacturing cost for 2018. Total Estimated Activity Indirect Manufacturing Cost Materials handling Machine setup Insertion of parts Finishing Total estimated indirect manufacturing cost i Data Table Predetermined Overhead Activity Allocation Base Allocation Rate Materials handling $ 8.00 per part Number of parts Number of setups Machine setup 800.00 per setup Insertion of parts Number of parts 25.00 per part Finishing Number of finishing hours 30.00 per hour Standard Deluxe Parts per rim 3.0 5.0 Setups per 500 rims 14.0 14.0 Finishing hours per rim 2.0 3.5 Total direct labor hours per rim 3.0 7.0 Requirement 2. Prior to 2018, Edmund used a single plantwide overhead allocation rate system with direct labor hours as the allocation base. Compute the predetermined overhead allocation rate based on direct labor hours for 2018. Use this rate to determine the estimated indirect manufacturing cost per wheel rim for each model, to the nearest cent. First, select the formula, and then enter the amounts to compute the allocation rate. Allocation rate Use the single plantwide allocation rate to determine the indirect manufacturing cost per wheel rim for each model, to the nearest cent. Indirect manufacturing cost per rim: Standard model: Deluxe model: Requirement 3. Compute the estimated ABC indirect manufacturing cost per unit of each model for 2018. Carry each cost to the nearest cent. Compute the costs per unit for the standard model first, then the deluxe model. (Carry the setup cost per rim to three decimal places. Round your final answers to the nearest cent.) Allocated Mfg. Allocated Mfg. Activity OH Cost Per Rim OH Cost Per Rim Standard Deluxe Materials handling Machine setup Insertion of parts Finishing Total indirect cost per rim