Exercise 17-3 (Part Level Submission) EcoFabrics has budgeted overhead costs of $973,350. It has allocated overheed on a plantwide basis to its two products (wool and cotton) using direct labor hours which are estimated to be 463,500 for the current year. The company has decided to experiment with octivity 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 setupa). Overheed allocated to the cutting cost pool is $370,800 and $602,SS0 is allocated to the design cost pool. Additional information related to these pools is as follows Wool Cotton Total hours 103,000 103,000 206,000 Number of setups 1,030 S15 1,545 (a1) Your answer is correct. Calculate the overhead rate using activity based costing. (Round answers to 2 decimal places, e.g. 12.25.) Overhead rates for activity-based Collapse question part costing Cutting Design Click if you would like to Show Work for this question: Open Show Work 1.8 per machine hour por setup LINK TO TEXT LINK TO TEXT Attemptsi 2 of 15 used (a2) Your answer is correct. Determine the amount of overhead allocated to the wool product line and the cotton product line using activity-based costing, Wool product lineCotton uct line 1587100| 6250 Overheed Allocated Click if you would like to Show Work for this question: Open Show Work LINK TO TEXT LINK TO TEXT Attempts: 3 of 15 used (b1) EYour answer is correct. Calculate the overhcad rate using traditional approach. (Round answer to 2 decimal places, a.g- 12.25.) ates uaing the racitionlpc2.10 par direst laborhaur 2.10 per direct labor hour Click if you would like to Show Work for this question: Open Show Work