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Fortunado Company uses ABC to account for its chrome wheel manufacturing process Company managers have identified four manufacturing activities that incur manufacturing overhead costs materials handling, machine setup, insertion of parts, and finishing The budgeted activity costs for the upcoming year and their allocation bases are as follows (Click the icon to view the budgeted costs and activity bases) Fortunado Company expects to produce 1,000 chrome wheels during the year. The wheels are expected to use 3,000 parts, require 20 setups, and consume 2,00D hours of finishing time Job 420 used 300 parts, required 2 setups, and consumed 150 finishing hours Job 510 used 475 parts, required 4 setups, and consumed 340 finishing hours. Data Table Read the reouiramants Requirement 1. Compute the cost allocation rate for each activity. First identify the formula, then compute the rate for each activity Total Budgeted Activity cost allocation rate Activity Materials handling Machine setup Insertion of parts Finishing Total Overhead Cost Allocation Base S 6,000 Number of parts 3,200 42,000 74,000 S 125,200 Number of setups Number of parts 000Finishing direct labor hours 1.Compute the cost allocation rate for each activity 2.Compute the manufacturing overhead cost that should be assigned to Job 420 3. Compute the manufacturing averhead cost that should be assigned to Job 510 PrintDone Print Done Choose from any drop-down list and then click