Newman Industries manufactures a variety of custom products. The company has traditionally used a plantwide manufacturing overhead rate based on machine hours to allocate manufacturing overhead to its products. The company estimates that it will incur $1,440,000 in total manufacturing overhead costs in the upcoming year and will use 12,000 machine hours. Click the icon to view the additional information about the hazardous waste disposal fees.) Expected usage and costs for manufacturing overhead activities for the upcoming year are as follows: (Click the icon to view the expected usage and costs.) During the year, Job 356 is started and completed. Usage data for this job are as follows: | (Click the icon to view the usage for Job 356.) Requirement 1. Calculate the cost of Job 356 using the traditional plantwide manufacturing overhead rate based on machine hours. Begin by calculating the plantwide overhead rate. First identify the formula used to compute the plantwide overhead rate, then compute the rate. (Abbreviations used: MOH = manufacturing overhead; mfg. = manufacturing) Calculate the cost of Job 356. Job Cost Record JOB 356 Total iob cost Manufacturing Costs = Plantwide mfg. overhead rate