Smile Company utilizes a normal costing system to determine the cost of the two products it manufactures. Machine hours is used as the allocation base (cost driver) for manufacturing overhead as the most significant component of its overhead cost pool is depreciation on equipment and the manufacturing buildings, Budgeted amounts for the upcoming current period related to the company's two manufacturing departments and actual results for the period for the two products it manufactures is as given in the two tables below. Budgeted amount Fabrication Department Packaging Department 1,500 200 Machine hours (MH) Fixed overhead cost Variable overhead cost (per MH) $75,000 $1.00 $12,000 $0.60 Actual machine hours used Product Fabrication Department Packaging Department Alpha Beta 1,000 550 150 55 If the company uses a plantwide OH application rate to allocate OH to jobs, calculate that plantwide rate fround your answer to the nearest cent). Multiple Choice $111.60 $52.13 $55.00 $50.50