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Wrap 7,500 gtts at a budpeted fixed cost of 56 900 each month. The budgeted variable cost to 9 itl wrap an item is 50.40 During the most rocert imonth ithe department buogoted to wrap 6000 gifts Although the service is free to customers, a gif-wrapping service cost allocation is made to the dopartinent where the torn was purchared The cistrmei service department reported the following lor the most recent month. (Click the icon to viw the actual and budgeted units) Read the Requirement 1. Using the single-rate method, allocate gifl-wrapping costs to different dopartments in these three wate Start with allocating (a), then (b) and finally (c). (Found all of your answers to the nearest cent) Data table 1. Using the single-rate method, allocate gift-wrapping costs to different departments in these three ways a. Calculate the budgeted rate based on the budgeted number of gifts to be wrapped and allocate costs based on the budgeted use (of giftwrapping services) b. Calculate the budgeted rate based on the budgeted number of gitts to be wrapped and allocate costs based on actual usage c. Calculate the budgeted rate based on the practical gift-wrapping capacity available and allocate costs based on actual usage. 2. Using the dual-rate method, compute the amount allocated to each department when (a) the fixed-cost rate is calculated using budgeted costs and the practical gift-wrapping capacity. (b) fixed costs are allocated based on budgeted usage of gift-wrapping services, and (c) variable costs are allocated using the budgeted variable-cost rate and actual usage 3. Comment on your results in requirements 1 and 2 . Discuss the advantages of the dual-rate method