Steel Company uses activity-based costing and reports the following for this year. Compute an activity rate for each activity using activity-based costing Activity Cutting Assembly Total Budgeted cost $ 119,000 397,500 $ 516,500 Activity Cost Driver Machine hours (MH) Direct labor hours (DLH) Budgeted Activity Usage 3,500 machine hours 7,500 direct labor hours Multiple Choice $34 per MH for Cutting $53 per DLH for Assembly $53 per MH for Cutting: 534 per DLH for Assembly Multiple Choice $34 per MH for Cutting $53 per DLH for Assembly $53 per MH for Cutting S34 per DLH for Assembly $11 per MH for Cutting: $36 per DLH for Assembly $34 per MH for Cutting: 5114 per DLH for Assembly $47 per MH for Cutting, $47 per DLH for Assembly