J\&R Associates, Inc. manufacturers and sells autobody parts. The Company has two main, but differently made, products - engines and transmissions. The Company expects to make 2,000 engines and 1,000 transmissions in 2021. Overhead costs for the engines are expected to be $10,000, while the overhead costs of the transmissions are expected to be $1,000. (1) [2 points] Calculate the Overhead Application Rate if J\&R Associates, Inc. were to use a single application rate. (2) [4 points] Calculate the Overhead Application Rates if J\&R Associates, Inc. were to use an activity-based costing method. (Be sure to identify which rate is for engines and which is for transmissions). (3) [1 points] Which do you think is a better costing method for J&R Associates, Inc. - Single Application Rate or Activity-Based Costing? Why