Ming Industries, a family-run small manufacturer has adopted an ABC costing system. The following manufacturing activities, indirect manufacturing costs, and usage of cost drivers have been estimated for the year. (Click the icon to view activities, total MOH costs, and cost drivers.) During May, James and Monica Ming machined and assembled Job 242 James worked a total of 15 hours on the job, while Monica worked 6 hours on the job James is paid a $24 per hour wage rate, while Monica s paid $29 p hour because of her additional experience level Direct materials requisitioned for Job 242 totaled $1.125 The following additional information was collected on Job 242 the job required I machine set as 5 machine hours, and 2 quality control tests 1 Compute the activity cost allocation rates for the year 2. Complete the job cost record for Job 242 Requirement 1. Compute the activity cost allocation rates for the year First detemine the formula to compute the allocation rate for the activity-based cost rats, and then calculate the rate for sach activity (Round your answers to the nearest whole doll) Activity cant location ale Activities, total MOH costs, and cost drivers Estimated Total Estimated Total Manufacturing Usage of Activity Overhead Costs Machine set-up $ 160,000 Machining $ 1,040,000 Cost Driver 3,100 set-ups 5,700 machine hours Quality control $ 339,000 5,400 tests run Print Done -X