Richard Miller has been studying his department's profitability reports for the past six months. He has just completed a managerial accounting course and is beginning to question the company's approach to allocating overhead to products based on machine hours. The current department overhead budget of $ 912,460 is based on 45,623 machine hours. In an initial analysis of overhead costs, Richard has identified the following activity cost pools. Cost Pool Expected Cost Expected Activities Product assembly $ 592,000 37,000 machine hours Machine setup and calibration 229,600 4,100 setups Product inspection 47,160 1,310 batches Raw materials storage 43,700 230,000 pounds $ 912,460 Richard Miller is taking the next step in his exploration of activity-based costing and wants to examine the overhead costs that would be allocated to two of the department's four products. He has gathered the following budget information about each product. Driver Usage Component 3F5 Component 176 Machine hours 920 11,400 Setups 40 23 Batches 15 15 Pounds of raw materials 10,000 10,000 (a) Calculate the total overhead allocated to each component under the traditional method using machine hours as the overhead application base. Component 3F5 Component 176 $ $ $ Total Overhead allocated (b) Calculate the total overhead allocated to each component under activity-based costing. (Round overhead rates to 2 decimal places, eg. 5.27 and round final answers to 0 decimal places, e.g. 5,275.) Component 3F5 Component 176 $ $ $ ta Total Overhead allocated