Franklin, 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. Requirement 1. Compute the predetermined overhead allocation rate for each activity. Begin by selecting the formula to calculate the predetermined overhead (OH) allocation rate. Then enter the amounts to compute the allocation rate for each activity. (Round your answers to the nearest cent.) Predetermined OH + = allocation rate Total Budgeted Activity Cost Allocation Base Materials handling 12,000 Number of parts Machine setup 3,100 Number of setups Insertion of parts 42,000 Number of parts 86,000 Finishing Finishing direct labor hours $ 143,100 Total Franklin expects to produce 500 chrome bumpers during the year. The bumpers are expected to use 4,000 parts, require 10 setups, and consume 1,000 hours of finishing time. 1. Compute the predetermined overhead allocation rate for each activity. 2. Job 86 required the production of 125 bumpers and required one setup. Compute the indirect manufacturing cost allocated to Job 86