Fuller 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 budgeted costs and activity bases.) Fuller Company expects to produce 1,000 chrome wheels during the year. The wheels are expected to use 3,000 parts, require 10 setups, and consume 2,000 hours of finishing time Job 420 used 200 parts, required 2 setups, and consumed 130 finishing hours Job 510 used 425 parts, required 4 setups, and consumed 350 finishing hours Read the requirements Requirement 1. Compute the cost allocation rate for each activity. First identify the formula, then compull the rate for each activity Activity Co Total Budgeted Manufacturing Overhead Cost Allocation Base $ Activity Materials handling Machine setup Insertion of parts 12,000 3,400 48,000 80,000 Number of parts Number of setups Number of parts Finishing Finishing direct labor hours $ 143,400 Total 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