Question 3 of 6 - / 10 View Policies Current Attempt in Progress EcoFabrics has budgeted overhead costs of $ 1,001,700. It has assigned overhead on a plantwide basis to its two products (wool and cotton) using direct labor hours which are estimated to be 477,000 for the current year. The company has decided to experiment with activity-based costing and has created two activity cost pools and related activity cost drivers. These two cost pools are cutting (cost driver is machine hours) and design (cost driver is number of setups). Total estimated machine hours is 212,000, and total estimated number of setups is 1,590. Overhead allocated to the cutting cost pool is $ 381,600 and $ 620,100 is allocated to the design cost pool. Additional information related to product usage by these pools is as follows. Wool Cotton Machine hours 106,000 106,000 Number of setups 1.060 530 Calculate the overhead rate using activity based costing. (Round per machine hour to 2 decimal places, e.g. 12.25.) Overhead rates for activity-based costing Cutting $ per machine hour Design $ per setup Wool product line Cotton product line Overhead Allocated $ $ e Textbook and Media Calculate the overhead rate using traditional approach. (Round answer to 2 decimal places, e.g. 12.25.) Overhead rates using the traditional approach $ per direct labor hour e Textbook and Media What amount of overhead would be assigned to the wool and cotton product lines using the traditional approach, assuming direct labor hours were incurred evenly between the wool and cotton? Wool product line Cotton product line Overhead Allocated $ $