Koontz Company manufactures two models of industrial components-a Basic model and an Advanced model. The company considers all of its manufacturing overhead costs to be fixed and uses plantwide manufacturing overhead cost allocation based on direct labor-hours. Koontz's controller prepared the segmented income statement shown below for the most recent year (he allocated selling and administrative expenses to products based on sales dollars): Direct laborers are paid \$20 per hour. Direct materials cost $40 per unit for the Basic model and $60 per unit for the Advanced model. Koontz is considering a change from plantwide overhead allocation to a departmental approach. The overhead costs in the company's Molding Department would be allocated based on machine-hours and the overhead costs in its Assemble and Pack Department would be allocated based on direct labor-hours. To enable further analysis, the controller gathered the following information: Required: 1. Using the plantwide approach: a. Calculate the plantwide overhead rate. b. Calculate the amount of overhead assigned to each product. 2. Using a departmental approach: a. Calculate the departmental overhead rates. b. Calculate the total amount of overhead assigned to each product. c. Using your departmental overhead cost allocations, redo the controller's segmented income statement (continue to allocate selling and administrative expenses based on sales dollars). Using the plantwide approach, calculate the plantwide overhead rate. sing the plantwide approach, calculate the amount of overhead assigned to each product. Using the departmental approach, calculate the departmental overhead rates. Note: Round your answers to 2 decimal places. Using the departmental approach, calculate the total amount of overhead assigned to each product. Note: Round your intermediate calculations to 2 decimal places. Using your departmental overhead cost allocations, redo the controller's segmented income statement (continue to allocate selling and administrative expenses based on sales dollars). Note: Round your intermediate calculations to 2 decimal places