Several years after reengineering its production process, Zippy Corporation hired a new controller, Tammy English. (Click the icon to view additional information.) For the upcoming year, Zippy'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 Zippy recently installed a plantwide computer system. Zippy produces two wheel models: Standard and Deluxe. Budgeted data for the upcoming year are as follows: (Click the icon to view the additional data.) Read the requirements. More info She developed an ABC system very similar to the one used by Zippy's chief rival. Part of the reason English developed the ABC system was because Zippy's profits had been declining even though the company had shifted its product mix toward the product 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 developed years ago. Requirement 2. Compute the manufacturing overhead cost per wheel of each model using ABC. (Round th Data table 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. Requirement 1. Compute the total budgeted manufacturing overhead cost for the upcoming year. (Enter the rates to two decimal places.) 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 neare Zippy Corporation 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.)