GreenFields Corporation is implementing activity-based costing (ABC) to allocate overhead costs. The company has identified three cost drivers: machine hours, labor hours, and number of setups. The total overhead costs are $300,000, with the following cost driver usage:

• Machine Hours: 5,000 hours
• Labor Hours: 2,500 hours
• Number of Setups: 50 setups Calculate the overhead cost allocation rates for each cost driver and allocate the overhead costs to the respective cost objects.

Calculate the overhead cost allocation rates for each cost driver and allocate the overhead costs to the respective cost objects for GreenFields Corporation.