Lily, Inc, produces two types of gas grills: a family model and a deluxe model, Lily's controller has decided to use a plantwide overhead rate based on direct labor costs. The president of the company recently 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 and machine setup. Presented below is information related to the company's operation: Tota estimated overhead costs are $455,400,0 verhead cost allocated to the machining activity cost pool is $273,240 and $182,160 is allocated to the machine setup activity cost pool. Your answer has been saved See score details after the due date. Compute the overhead rate using the traditional (plantwide) approach (Round answer to 2 decimal ploces, eg. 15.25) Overhead rate Attempts: 1 of 11 (b) Compute the overhead rates using the activity-based costing approach, (Round anwers to 2 decimal ploces, eg, 15.25)