Mark Harris has been studying his department's profitability reports for the past six months. He has just completed a managerial accounting course and is beginning to question the company's approach to allocating overhead to products based on machine hours. The current department overhead budget of $1,119,690 is based on 37,323 machine hours. In an initial analysis of overhead costs, Mark has identified the following activity cost pools Expected Cost Expected Activities 41,000 machine hours $ 697,000 Cost Pool Product assembly Machine setup and calibration Product inspection 302.400 4,800 setups 59,340 1,380 batches Raw materials storage 60,950 265,000 pounds $ 1,119,690 Mark Harris is taking the next step in his explutition of activity-based costing and wants to examine the overhead costs that would be allocated to two of the department's four products. He has gathered the following budget information about each product. Component 3F5 Component T76 Driver Usage 1,060 10.700 Machine hours 39 23 Setups 20 15 Batches 10,000 10,000 Pounds of raw materials Machine hours 1,060 10.700 39 23 Setups Batches Pounds of raw materials 20 15 10,000 10,000 (a) Calculate the total overhead allocated to each component under the traditional method using machine hours as the overhead application base Component 3F5 Component T76 Total Overhead allocated (b) Calculate the total overhead allocated to each component under activity-based costing (Round overhead rates to 2 decimal places, c.3. 5.27 and round final answers to 0 decimal places, e.g. 5,275.) Component 3F5 Component 776 $ Total Overhead allocated