Prescott makes handheld calculators in two models-basic and professional. Prescott estimated $624, 000 of manufacturing overhead and 520, 000 machine hours for the year. The basic model actually consumed 270, 000 machine hours and the professional model consumed 250, 000 machine hours. Prescott wants to refine its costing system by allocating overhead using departmental rates. The estimated $624, 000 of manufacturing overhead has been divided into two cost pools-Assembly Department and Packaging Department. The following data have been compiled: Requirement 1. Compute the predetermined overhead allocation rates using machine hours as the allocation base for the Assembly Department and direct labor hours for the Packaging Department. Begin by selecting the formula to calculate the predetermined overhead (OH) allocation rate. Then enter the amounts to compute the allocation rate for each department. (Enter the allocation rates to the nearest cent..) Requirement 2. How much overhead is allocated to the basic model? To the professional model? Begin by selecting the formula to allocate overhead (OH) costs. Compute the total overhead allocated to the basic model, and then compute the total overhead allocated to the professional model