Elton Company manufactures wheel rims. The controller expects the following ABC allocation rates for 2018: (Click the icon to view the allocation rates.) Elton 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. Data table Standard Deluxe Parts per rim 5.0 8.0 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 Calculator Ask my instructor Print Done Data table The company expects produce 500 units of each model during the year. Read the requirements. Activity Materials handling Machine setup Insertion of parts Finishing Allocation Base Predetermined Overhead Allocation Rate Number of parts Number of setups $3.00 per part 300.00 per setup Number of parts 24.00 per part Number of finishing hours 80.00 per hour Print Done Requirements 1. Compute the total estimated indirect manufacturing cost for 2018. 2. Prior to 2018, Elton 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. 3. Compute the estimated ABC indirect manufacturing cost per unit of each model for 2018. Carry each cost to the nearest cent. Print Done Clear all Check answer