Smeth industries manufactures a variety of custom products. The company has tradiionally used a planhwide manufacturing overtead rale based on machine hours to allocate manufacturing Expeched usage and costs for manulacturing overhead activites for the upcoming year overhead to its products. The company estimates that it wit incur $1,$00,000 in total are as follows manufacturing overhead costs in the upooming year and will use 10,000 machine hours. (Click the icon to view the expected usage and costs.) Cick the icon to view the additional information about the hazardous waste disposal fees.) During the year, Jeb 356 is started and completed. Usage for this job follows: (Click the icon to view the usage for Job 356 ) Read the Requirement 1. Calculate the cost of Job 356 using the tradtienal plantwide manutacturng overhead rate based on machine hours Begin by calculating the plantwide overhead rate. First identif the formila used to compute the plantwide overhead rase, thon compute the rase. (Abbreviations used Mor = manulacturing ovorhead; mig a manulacturing) More info Up to this point, hazardous waste disposal fees have been absorbed into the plantwide manufacturing overhead rate and allocated to all products as part of the manufacturing overhead process. Recently, the company has been experiencing significantly increased waste disposal fees for hazardous waste generated by certain products, and as a result, profit margins on all products have been negatively impacted. Company management wants to implement an activity-based costing system so that managers know the cost of each product, including its hazardous waste disposal costs. Data table Data table 1. Calculate the cost of Job 356 using the traditional plantwide manufacturing overhead rate based on machine hours. 2. Calculate the cost of Job 356 using activity-based costing. 3. If you were a manager, which cost estimate would provide you more useful information? How might you use this information