Michaels Corvallis store is in the process of bidding on two jobs: Job 301, is an order of 15 personalized frames, and Job 401, is an order of 6 standard frames. The store Manager wants you to compare overhead costs allocated under the current Job costing system and a newly-designed Activity-based costing system with five indirect cost pools (purchasing, material handling, machine maintenance. product inspection and packaging). Total budgeted costs for the Corvallis store in each ABC indirect cost pool and the budgeted quantity of activity driver for the year are as follows Activity Budgeted Overhead Activity Driver Budgeted Quantity Purchasing $7.000 Purchase orders processed 2.000 Material handling $8,750 Material moves 5.000 Machine maintenance $23.730 Machine hours 10,500 Product inspection $1.890 Inspections 1.260 Packaging $3.990 Units produced 3,800 $45,360 Information related to Job 301 and Job 401 follows Job 301 Job 401 Direct labor costs $300 $100 Direct material costs $200 $100 Number of purchase orders 25 - Number of material moves 10 4 Machine hours 40 60 Number of inspections 9 3 Number of units produced 15 6 1 Compute the Job costing overhead allocation rate based on machine hours. 2 Compute the total overhead allocated to each job using the current Job costing system (using the overhead rate calculated in Part 1) 3. Compute the rates for each activity of the new Activity-based costing (ABC) system 4. Calculate the total product cost of each ob using both Job costing and ABC Cosong systems... D Focus to