Oliver Industries, a small, family-run manufacturer, has adopted an ABC 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 costs, and cost drivers.) Click the icon for additional information) Read the requirements 1. Compute the activity cost allocation rates for the year. (Round your answers to the nearest whole dollar) First determine the formula to compute the allocation rate for the activity based cost rate, then calculate the rate for each activity = Activity cost allocation rato Machine setups per setup Machining per machine hour Quality control por QC test 2. Complete the following job cost record for Job 557 Job Cost Record Manufacturing JOB 567 Direct material Direct labor Manufacturing overhead Totalbot Costs A Data Table - Activity Machine setup.. Estimated Total Manufacturing Estimated Total Usage Overhead Costs of Cost Driver $ 161,650 3,050 setups ... $ 1,100,000 5,000 machine hours $ 360,000 4,500 tests run Machining .. Quality control i More Info During May, Jeff and Arabella Oliver machined and assembled Job 557 Jeff worked a total of 10 hours on the job, while Arabella worked 4 hours on the job. Jeff is paid a $25 per hour wage rate, while Arabella is paid $28 per hour because of her additional experience level. Direct materials requisitioned for Job 557 totaled $1,250. The following additional information was collected on Job 557 The job required 2 machine setups, 6 machine hours, and 3 quality control tests. Print Done