Swifty inc has two types of handbags; standard and custom. The controller has decided to ase a ptantwide overhead rate based on direct labor costs. The president has heard of activity-based costing and wants to see how the results would ditfer if this system were used. Two activity cost pools were developed: machining (michine hours) and machine setup (number of setups). The total estimated machine hours is 2.400 , and the total estimated number of setups is 510 . Presented below is inlormation related to the compan's operations. Total estimated overhead conts are $294,000. Overhead cost allocated to the machining activity cost pool is $192,000, and $102,000 is allocated to the machine setup acthity cost pool. Compute the everhead rate usine the traditional (plantwide) approach information related to exch product's use of cost drivers. (Round answer to 0 decimal pldces, e.s. 12.1 Predetermined overhead rate S. of direct labor cost Compute the overhead rates ining the activity-based costing approach. Machining 5 per machine hour Machine setup 5 per setuphour eTextbook and Media Determine the ditference in allocation between the two approaches. Iraditional costing Standard $ Custom 5