Frederick expects to produce 500 chrome bumpers during the year. The bumpers are expected to use 1,000 parts, require 5 setups, and consume 2,500 hours of finishing time. Frederick, 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 viev 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 predetemined overhead (OH) allocation rate. Then enter the amounts to compute the allocation rate for each activity (Round your answers to the nearest cent)