Smith Industries manufactures a variety of custom products. The company has Expected usage and costs for manufacturing overhead activities for the upcoming traditionally used a plantwide manufacturing overhead rate based on machine year are as follows: hours to allocate manufacturing overhead to its products. The company estimates that it will incur 5900,000 in total manufacturing overhead costs in the upcoming Click the icon to view the expected usage and costs.) year and will use 12,000 machine hours. During the year, Job 358 is started and completed. Usage for this job follows: Click the icon to view the additional information about the hazardous waste Click the icon to view the usage for Job 358.) disposal fees.) Read the requirements Begin by calculating the plantwide overhead rate. First identify the formula used to compute the plantwide overhead rate, then compute the rate. (Abbreviations used: MOH = manufacturing overhead; mfg. = manufacturing) Total estimated manufacturing costs Estimated total machine hours + Plantwide mig, overhead rate $ 900,000 12,000 75 Calculate the cost of Job 358. Job Cost Record JOB 358 Manufacturing Costs Total job cost Requirement 2. Calculate the cost of Job 355 using activity-based costing Begin by calling the allocation rate for each activity. First determine the formula to compute the allocation rate in an activity-based costing system, then compute the rate for each activity. (Abbreviations used: est. - estimated, Memachine hours, Mach Machine, Eng-Engineering) Activity cost allocation rate Mach montanance Eng. change order por order por MH per pound Cite the cooling activity-based costing Job Cost Record Manufacturing 308 366 Costs Repuirement you wanna whole would provide you more formation? How might you use this information? The cost me based on the would provide more used Wormation because this cost estimate takes into count Choose from any lot of enter any number in the input find the He ov bute the rate. mfg ing 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. Print Done Data Table Description of Cost Pool Machine maintenance costs Engineering change orders Estimated Cost Cost Driver 480,000 Number of machine hours $ 30,000 Number of change orders $ 390,000 Pounds of hazardous materials generated $ 900,000 Estimated Activity for this Year 12,000 1.000 Hazardous waste disposal 1,500 Total overhead cost Data Table 350 pounds of direct materials at $25 per pound 30 direct labor hours used at $50 per labor hour 100 machine hours used M 11 change orders 50 pounds of hazardous waste generated