Olivo 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, Jim and Allison Olivo machined and assembled Job 540, Jim worked a total of 12 hours on the job, while Allison worked 6 hours on the job Jim is paid a $24 per hour wage rate, while Allison is paid $32 per hour because of her additional experience level. Direct materials requisitioned for Job 540 totalled 91.175. The following additional information was collected on Job 540 the job required 2 machine set-ups, 5 machine hours and 3 quality control tests 1. Compute the activity cost allocation rates for the year 2. Complete the job cost record for Job 540 Requirement 2. Complete the following job cost record for Job 540. (Roug Activities, total MOH costs, and cost drivers Job Cost Record Manufacturing JOB 540 Costs Estimated Total Estimated Total Direct material Manufacturing Usage of Direct labour Activity Overhead Costs Cost Driver Manufacturing overhead Machine set up 5 168,000 3.700 set-ups Total job cost Machining 1.025 000 5.600 machine hours Quality control 5 345 000 4,600 fost run Enter any number in the edit fields and then click Check Answer $ Print Done All parts showing