Requirement 1. Compute the cost allocation rate for each activity. First identify the formula, then compute the rate for each activity. Activity cost allocation rato Frederick Company uses ABC to account for its chrome wheel manufacturing process. Company managers have identified four manufacturing activities that incur manufacturing overhead costs: materials handling, machine setup. insertion of parts, and finishing. The budgeted activity costs for the upcoming year and their allocation bases are as follows: (Click the icon to view the data) i Data Table Total Budgeted Manufacturing Overhear' Cost Allocation Base $ ... Activity Materials handling .... Machine setup Insertion of parts... ... 6,400 Number of parts 9,000 Number of setups 54,400 Number of parts 89,700 Finishing direct labor hours 159,500 Finishing $ Total... Print Done Frederick Company expects to produce 1,000 chrome wheels during the year. The wheels are expected to use 3,200 parts, require 25 setups, and consume 2,300 hours of finishing time. (Click the icon for completed job data.) Read the requirements X - i More Info Job 420 used 150 parts, required 2 setups, and consumed 120 finishing hours. Job 510 used 475 parts, required 5 setups, and consumed 350 finishing hours. Print Done X Requirements 1. Compute the cost allocation rate for each activity. 2. Compute the manufacturing overhead cost that should be assigned to Job 420. 3. Compute the manufacturing overhead cost that should be assigned to Job 510. Print Done