Iota Company estimated the following at the beginning of the year Overhead Direct Labor Hours Machine Hours Assembly Department Testing Department $800,000 $150,000 150,500 hrs 40,500 hrs. 120,000 hrs 72,000 hrs. Total $950,000 191,000 hrs 192,000 hrs tota uses departmental overhead rates in the assembly department, direct labor hours are used to apply overhead Machine hours are used to apply overhead in the testing department Actual data for the month of May is as follows: Assembly. Department Testing Department $11,000 2,500 hrs. 14,000 hrs Iata decides to continue using departmental overhead rates. What are the predetermined rates for the Assembly and Testing departments respectively? (Note: Round to Overhead Direct Labor Hours Machine Hours $50,000 20,000 hrs 3,500 hrs Total $61,000 22,500 hrs. 17,500 hrs. two decimal places) O Assembly: $5.32 per machine hour, Testing: 63.70 per machine hour Assembly: $6.67 per direct labor hour; Testing: $2.08 per direct labor hour Assembly: $5.32 per direct labor hour; Testing: $2.00 per machine hour Assembly: $6.67 per direct labor hour Testing: $3.70 per machine hour