Farringlon Inc: uses ABC to account for ins chrome wheel manutacturing process. Compary managers have identfed four manulactiring activisos that incur manulactiring overthead costs: materials handing, machine set -ip, inserton of parts, and fristing. The budgeted activily costs for the upcoming year and their alocafon bases are as follow: (i) (Click the icen fo viow the budgeted costs and activity bases.) Farrington inc. expects to produce 1,000 chrome wheels during tho year. The whtels are expected to use 2,,00 parts, fequire 15 sollups, and consume 1, 800 hours of finishing time. Job 420 used 125 parts, required 3 set-ups, and consumed 130 fnishing hours. Job 510 usod 425 parts, required 5 setupb, and consumed 330 tilighing hours. Budgeted costs and activity bases Requirement 1. Compute the cost allocation rate for each activity. First, identify the formula, and then compute the rate for each activity. Requirement 2. Compute the manufacturing overhead cost that should be assigned to Job 420 . Requirement 3. Compute the manufacturing overhead cost that should be assigned to Job 510