Smith Industries manufactures a variety of custom products. The compary has traditionally used a plantwide manulacturing overhead rate based on machine hours to allocate manufacturing overhead to its products. The company estimates that it will incur $1,370,000 in total manufacturing overhead costs in the upcoming year and will use 10,000 machine hours. Click the icon to view the additional intormation about the hazardous wasto disposal fees:) Expected usage and cosis for manufacturing overhead activities for the upcoming year are as follows: (Click the icon to view the expected usage and costs.) During the year, Job 355 is started and completed. Usage for this job follows: Fit (Click the icon to view the usage for Job 355.) Read the requirements. Requirement 1. Calculate the cost of Job 355 using the traditional plantwide manufacturing overhead rate based on machine hours. Bogin by calculating the plantwide overhead rate. First identify the formula used to compute the plantwide overhead rafe, then compule the rate. (Abbrewialions used: MOH = rrarndacturing overhead; mifo, = manufacturing)