Frederick 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.) Frederick Company expects to produce 1,000 chrome wheels during the year. The wheels are expected to use 3,000 parts, require 20 setups, and consume 2,000 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 0 More Info Total activity allocation base Total activity overhead (est.) Total assets Total hours Total liabilities Total owners' equity Total plantwide overhead Total revenues Job 420 used 250 parts, required 3 setups, and consumed 100 finishing hours. Job 510 used 500 parts, required 6 setups, and consumed 350 finishing hours. Data Table - Print Done Total Budgeted Manufacturing Overhead Cost Requirements - Allocation Base Activity Materials handling $ 6,000 Number of parts 3,200 Number of setups Machine setup 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. Insertion of parts Finishing 42,000 Number of parts 74,000 Finishing direct labor hours 125,200 $ Total. Print Done