Lily Inc has two types of handbags: standard and custom. The controller has decided to use a plantwide overhead rate based on direct labor costs. The president has heard of activity-based costing and wants to see how the results would differ if this system were used. Two activity cost pools were developed machining machine hours) and machine setup (number of setups). The total estimated machine hours is 2400 and the total estimated number of setups is 500. Presented below is information related to the company's operations Standard Custom Direct labod costs 550.000 $ 100.000 Machine hours 1.200 1.200 Number of setups 90 410 Total estimated overhead costs are 5 297.000. Overhead cost allocated to the machining activity cost poolis 192.000 and 5 105.000 is allocated to the machine setup activity cost pool. Compute the overhead rate using the traditional (plantwide) approach information related to each product's use of cost drivers (Round answer to decimal places. e.3. 12.) Prederetuinea overhead ate of direct labor cost e Textbook and Media Compute the overhead rates using the activity-based costing approach. Machining $ per machine hour Machine setup $ per setup hour e Textbook and Media Determine the difference in allocation between the two approaches. Traditional costins Standard $ Custom Activity-based costing Standard $ Custom