Problem 17-1A (Algo) Comparing plantwide rate method and activity-based costing LO P1, P3 Craftmore Machining reports the following budgeted overhead cost and related data for this year. Activity Budgeted Cost Activity Cost Driver Budgeted Activity Usage Assembly $ 516,750 Direct labor hours (OLM) 13,000 Product design 79,500 Engineering hours (EH) 1,500 Electricity 26,500 Machine hours (PH) 10,000 Setup 66,250 Setups 530 Total $ 689,000 Required: 1. Compute a single plantwide overhead rate assuming the company allocates overhead cost based on 13.000 direct labor hours 2. Job 31 used 360 direct labor hours and Job 42 used 600 direct labor hours Allocate overhead cost to each job using the single plantwide overhead rate from part 1 3. Compute an activity rate for each activity using activity-based costing 4. Allocate overhead costs to Job 31 and Job 42 using activity-based costing, Activity Cost Driver Direct labor hours (LH) Engineering hours (EH) Machine hour's (PH) Setups Activity Usage Job 31 Job 42 360 600 45 60 60 5 7 Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Required 4 Compute a single plantwide overhead rate assuming the company allocates overhead cost based on 13,000 direct labor hours. Numerator Denominator Required 2 > Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Required 4 Job 31 used 360 direct labor hours and Job 42 used 600 direct labor hours. Allocate overhead cost to each job using the single plantwide overhead rate from part 1. Plantwide Overhead Rate Direct Labor Hours per Unit Overhead Allocated Job 31 Job 42 Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Required 4 Compute an activity rate for each activity using activity-based costing, (Round "Activity Rate" to 2 decimal places.) Activity Budgeted Cost Budgeted Activity Usage Activity Rate Assembly Product design Electricity Setup Required 1 Required 2 Required 3 Required 4 Allocate overhead costs to Job 31 and Job 42 using activity-based costing. (Round "Activity Rate" to 2 decimal places.) Allocate overhead to Job 31 Activity Activity Usage Activity Rate Allocated Cost Assembly Product design Electricity Setup Total Allocate overhead to Job 42 Activity Activity Usage Activity Rate Allocated Cost Assembly Product design Electricity Setup Total