Prescott makes handheld calculators in two models-basic and professional. Prescott estimated $1,149,500 of manufacturing overhead and 605,000 machine hours for the year. The basic model actually consumed 280,000 machine hours, and the professional model consumed 325,000 machine hours. The predetermined overhead allocation rate using machine hours as the allocation base is $1.90 per machine hour, with the allocated overhead costs split between the basic model and the professional model by $532,000 and S617,500, respectively EEB (Click the icon to view the data using multiple department allocation rates.) (Click the icon to view additional data.) Read the reguirements. Requirement 1. Prescott expects to produce 175,000 basic models and 175,000 professional models. Compute the predetermined overhead allocation rates using activity-based costing. How much overhead is allocated to the basic model? To the professional model? Begin by selecting the formula to calculate the predetermined overhead (OH) allocation rate. Then enter quantity. Enter the materials handling allocation rate to four decimal places, and the remaining allocation More Info Estimated qty of the allocation base Prescott wants to further refine its costing system by allocating overhead using Estimated overhead costs nrate activity-based costing. The estimated $1,149,500 of manufacturing overhead has been divided into three primary activities: Materials Handling, Machine Setup, and Insertion of Parts. The following data have been compiled: Machine Setup Insertion of Parts Machine Setup Insertion of Parts How much overhead is allocated to the basic model? To the professional model? Begin by selecting the formula to allocate overhead (OH) costs.(Abbreviation used: Qty quantity.) Handling Total S456,500 $630,000 Number of Overhead costs $63,000 $1,149,500 Allocation Base Expected usage: Number of parts setups Number of parts 30 parts per 20 setups per 30 parts per calculator Allocated mfg. overhead Basic Model calculator Professiona 60 parts per 35 setups per 60 parts per Compute the total overhead allocated to the basic model, and then compute the total overhead allocated Basic Model Professional Data Table Manufacturing overhead-Materials Basic Model Professional setup Parts Total manufacturing overhead cost Manufacturing overhead-Assembly 287,100$ 372, 429 802 overhead cost S 347,100$ Total