Requirement 3. Compute the company's traditional plantwide overhead rate. Use this rate to determine the manufacturing overhead cost per wheel under the traditional system. Begin by identifying the formula to compute the current plantwide manufacturing overhead rate, then compute the rate. (Round your answer to the nearest cent.) =Plantwideoverheadrate=perDLhour Now use the plantwide overhead rate to determine the manufacturing overhead cost per wheel. (Round your answers to the nearest cent.) 6: More Info She developed an ABC system very similar to the one used by Zeke's chief rival. Part of the reason French developed the ABC system was because Zeke's profits had been declining that had appeared most profitable under the old system. Before adopting the new ABC system, the company had used a plantwide overhead rate based on direct labor hours that was 7: Data Table 8: Data Table The company's managers expect to produce 1,000 units of each model during the year. 9: Requirements 1. Compute the total budgeted manufacturing overhead cost for the upcoming year. 2. Compute the manufacturing overhead cost per wheel of each model using ABC. 3. Compute the company's traditional plantwide overhead rate. Use this rate to determine the manufacturing overhead cost per wheel under the traditional system. (1) Total assets Total budgeted direct labor hours Total budgeted manufacturing overhead Total liabilities Total owners' equity Total revenues (2) Total assets - Total budgeted direct labor hours Total budgeted manufacturing overhead Total liabilities Total owners' equity Total revenues (3) Direct labor costs Direct labor hours Direct materials (4) Direct labor costs Direct labor hours Direct materials Machine hours Plantwide overhead rate Machine hours Plantwide overhead rate Several years after reengineering its production process, Zeke Corporation hired a new controller, Denise French. (Click the icon to view additional information.) For the upcoming year, Zeke's budgeted ABC manufacturing overhead allocation rates are as follows: (Click the icon to view the additional data.) The number of parts is now a feasible allocation base because Zeke recently installed a plantwide computer system. Zeke produces two wheel models: Standard and Deluxe. Budgeted data for the upcoming year are as follows: (Click the icon to view the additional data.) Data table Data table