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Sheffield Consulting provides weekly payroll processing for a number of small businesses. Gia Sheffield, the company's owner, has been using an activity-based costing system for several years. She used the following information in preparing this year's budget. Total Cost Expected Driver Volume $ 88.750 500 Activity Cost Pool Setting up new employees Processing weekly payroll Weekly reporting Annual tax reporting $ 950,000 Cost Driver Number of new employees Number of paychecks printed Number of clients Number of W 2s printed 2.500,000 $ 371.000 200 $ 280,000 80,000 Calculate the cost rates for each activity cost pool. (Round answers to 2 decimal places, eg. 15.25.) Cost Pool Activity Rate Setting up new employees $ TA 160.0 ew employee $ Processing weekly payroll 0.29 /check Weekly reporting $ 3200.00 /client $ 4.00 /W-2 Annual tax reporting E7.7. Using Excel to Calculate Overhead Rates PROBLEM Enc Parker has been studying his department's profitability reports for the past six months. He has just completed a managerial accounting course and is beginning to question the company's approach to allocating overhead to products based on machine hours. The current department overhead budget is based on machine hours. In an initial analysis of overhead costs, Enchas identified the following overhead budget amounts and activity cost pools Student Work Area Required: Provide input into cells shaded in yellow in this template. Une mathematical formulas with cell references to the Problem areas indicates a Calculate the company's traditional overhead rate based on Traditional edhead rate per Estimated machine hours 45.340 b. Calculate the companys overhead rates using the proposed activity based costing pools Cost Pool Expected Expected Cos Product assembly $ 680.000 Machine setup and calibration 320,000 Product inspection 67,500 Raw materials storage 66,000 5 1133 500 Expected Activities 40.000 machine hours 5,000 Setups 1,500 batches 300.000 pounds Product assembly Machine setup and calibration Product inspection Raw materials storage per per per per