Exercise 17-3 Feofabrics has budgeted overhead costs of $1,162,350. It has allocated overhead on a plantwide basis to its we products (wool and cotton) using direct labor hours which are estimated to be 553,500 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). Overhead allocated to the cutting cost pool is $442,800 and $719,550 is allocated to the design cost pool Additional information related to these pools is as follows Machine hours Number of setups Wool 123,000 1.230 Cotton 123,000 615 Total 245,000 1.545 Calculate the overhead rate using activity based costing (Round answers to 2 decimal places, e.g. 12.25.) Overhead rates for activity-based costing Cutting per machine hour Design per setup Determine the amount of overhead allocated to the wool product line and the cotton product line using activity based costing Wool product lineCotton product line Calculate the overhead role using traditional approach(Round answer to 2 decimal places . 12.25.) Overhead rates using the traditional approach per direct labor hour What amount of overhead would be allocated to the wool and cotton product lines using the traditional approach, assuming direct labor hours were incurred evenly between the wool and cotton? Wool product line Cotton product line Overhead Allocated Click if you would like to Show Work for this question Open Show Work