Michael Jones 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 $752.440 is based on 37,622 machine hours. In an initial analysis of overhead costs, Michael has identified the following activity cost pools. Cost Pool Expected Cost Expected Activities $ 461500 35,500 machine hours Product assembly Machine setup and calibration Product inspection Raw materials storage 201.400 3.800 Setups 42.240 1.280 batches 47.300 215.000 pounds $ 752.440 (a) Calculate the company's traditional overhead rate based on machine hours Overhead rate $ /MH (b) Calculate the company's overhead rates using the proposed activity based costing pools. Round answers to 2 decimal places 15.25) (a) Calculate the company's traditional overhead rate based on machine hours. $ Overhead rate /MH (b) Calculate the company's overhead rates using the proposed activity-based costing pools. (Round answers to 2 decimal places, es. 15.25) Product assembly $ / MH Machine setup and calibration $ / setup Product inspection $ /batch Raw materials storage $ /lb