Taylor Champs Corp. uses activity-based costing to account for its motorcycle manufacturing process. Company managers have identified three supporting manufacturing activities: inspection, machine setup, and machine maintenance. The budgeted activity costs for 2018 and their allocation bases are as follows: (Click the icon to view the budgeted costs and activity bases.) X Data Table Read the requirements. Requirement 1. Compute the predetermined overhead allocation rate for each activity. Begin by selecting the formula to calculate the predetermined overhead (OH) allocation rate. Then enter the amounts to compute the allocation rate for each activity. Predetermined OH = allocation rate Activity Total Budgeted Cost Allocation Base Inspection $ 6,900 Number of inspections Machine setup 30,000 Number of setups Machine maintenance 4,000 Finishing of machine hours $ Total 40,900 Taylor Champs expects to produce 20 custom-built motorcycles for the year. The motorcycles are expected to require 60 inspections, 40 setups, and 100 machine hours