Several years after reengineering its production process, King Corporation hired a new controller, Christine Erickson. (Click the icon to view additional information.) For the upcoming year, King'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 King recently installed a plantwide computer system. King 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 Dand the mammante Data table Activity Allocation Base Materials handling.... Number of parts Machine setup... ..Number of setups Activity Cost Allocation Rate $3.00 per part $350.00 per setup Standard Deluxe Parts per wheel. 6.0 8.0 Setups per 1,000 wheels... 20.0 20.0 Finishing direct labor hours per wheel.... 1.5 3.5 Insertion of parts Finishing Number of parts $24.00 per part Total direct labor hours per wheel.. 2.6 3.8 Finishing direct labor hours $56.00 per hour The company's managers expect to produce 1,000 units of each model during the year. Requirement 1. Compute the total budgeted manufacturing overhead cost for the upcoming year. (Enter the rates to two decimal places.) King Corporation Total Budgeted Indirect Manufacturing Costs Activity Materials handling Machine setups Insertion of parts Finishing Budgeted Quantity of Activity Cost Cost Allocation Base Allocation Rate Total Budgeted Indirect Cost Total budgeted indirect cost Requirement 2. Compute the manufacturing overhead cost per wheel of each model using ABC. (Round the cost allocation base to three decimals and cost per wheel to the nearest cent.) King Corporation ABC Indirect Manufacturing Cost per Unit Activity Materials handling Machine setup Insertion of parts Finishing Total ABC allocated indirect cost Cost Allocation Rate Quantity of Cost Allocation Base Used By: Standard Allocated Activity Cost Per Wheel Deluxe Standard Deluxe Requirement 3. Compute King'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.) Plantwide overhead rate per DL hour Now use the plantwide overhead rate to determine the manufacturing overhead cost per wheel. (Round your answers to the nearest cent.) Standard Deluxe Manufacturing overhead