Fortunado Company uses ABC to account for its chrome wheel manufacturing process. Company managers have identified four manufacturing activities that incur manufacturing overhead costs: materials handling, machine setup, insertion of parts, and finishing. The budgeted activity costs for the upcoming year and their allocation bases are as follows: (Click the icon to view the data.) Fortunado Company expects to produce 1,000 chrome wheels during the year. The wheels are expected to use 3,200 parts, require 25 setups, and consume 2,300 hours of finishing time. (Click the icon for completed job data.) Read the requirements. Requirement 1. Compute the cost allocation rate for each activity. First identify the formula, then compute the rate for each activity. Activity cost allocation rate Requirements 1. Compute the cost allocation rate for each activity. 2. Compute the manufacturing overhead cost that should be assigned to Job 420. 3. Compute the manufacturing overhead cost that should be assigned to Job 510. Print Done Data table Activity Materials handling Machine setup Insertion of parts Total Budgeted Manufacturing Overhead Cost Allocation Base $ 6,400 Number of parts 9,000 Number of setups 54,400 Number of parts 89,700 Finishing direct labor hours $ 159,500 Finishing . Total. Print Done More info Job 420 used 200 parts, required 4 setups, and consumed 140 finishing hours. Job 510 used 425 parts, required 6 setups, and consumed 300 finishing hours. Print Done