Farragut, Inc uses activity-based costing to account for its chrome bumper manufacturing process. Company managers have identified four manufacturing activities materials handling, machine setup. Insertion of parts, and finishing. The budgeted activity costs for the year and their allocation bases are as follows Click the icon to view the budgeted costs and activity bases) Read the requirements Begin by selecting the formula to allocate overhead (OH) costs Predetermined OH allocation rate Expected qty of the allocation base used Allocated mig overhead costs Job 86 required the production of 120 bumpers and required one setup Compute the indirect manufacturing cost allocated to Job 86. (Round all amounts to the nearest cent) Job 86 Allocated Mig OH Cost 8 Materials handling Machine setup Insertion of parts 84 Finishing Total mig OH Costs 120 132 268 4 Enter any number in the editners and then Data Table Total Budgeted Activity Cost Allocation Base Materials handling 4.000 Number of parts Machine setup 4,200 Number of setups Insertion of parts 60,000 Number of parts 66.000 Finishing Finishing direct labor hours $ 134 200 Total Farragut expects to produce 500 chrome bumpers during the year. The bumpers are expected to use 4,000 parts, require 5 setups, and consume 1.500 hours of finishing time. 1. Compute the predetermined overhead allocation rate for each activity 2. Job 86 required the production of 120 bumpers and required one setup Compute the indirect manufacturing cost allocated to Job 86