The company expects to produce 500 units of each model during the year. Read the requirements. Empire Company manufactures wheel rims. The controller expects the following ABC allocation rates for 2024 3 (Click the icon to view the allocation rates.) Empire produces two wheel rim models: standard and deluxe. Expected data for 2024 are as follows: (Click the icon to view the expected data.) Now compute the total estimated indirect manufacturing cost for 2024 Total Estimated Indirect Manufacturing Cost Activity Materials handling Machine setup Insertion of parts Finishing Total estimated Indirect manufacturing cost Requirement 2. Prior to 2024, Empire used a single plantwide overhead allocation rate system with direct labor hours as the allocation base. Compute the predetermined overhead allocation rate based on direct labor hours for 2024. Use this rate to determine the estimated indirect manufacturing cost per wheel rim for each model, to the nearest cent. First, select the formula, and then enter the amounts to compute the allocation rate. Estimated overhead costs Estimated qty of the allocation base = Allocation rate Use the single plantwide allocation rate to determine the indirect manufacturing cost per wheel rim for each model, to the nearest cent. Indirect manufacturing cost per rim: Standard model: Deluxe model: Requirement 3. Compute the estimated ABC indirect manufacturing cost per unit of each model for 2024. Carry each cost per unit to the nearest cent. Compute the costs per unit for the standard model first, then the deluxe model. (Carry the setup cost per rim to three decimal places. Round your final answers to the nearest cent.) Allocated Mfg. Allocated Mfg. OH Cost Per Rim Activity OH Cost Per Rim Standard Deluxe Materials handling Machine setup Insertion of parts Finishing Total Indirect cost per rim - X X Data Table Data Table Deluxe Standard 5.0 9.0 Predetermined Overhead Allocation Rate $6.00 per part 600.00 per setup 24.00 per part 40.00 per hour 16.0 Activity Allocation Base Materials handling Number of parts Machine setup Number of setups Insertion of parts Number of parts Finishing Number of finishing hours 16.0 Parts per rim Setups per 500 rims Finishing hours per rim Total direct labor hours per rim 3.0 4.5 7.0 8.0 Print Done Print Done Requirements 1. Compute the total estimated indirect manufacturing cost for 2024. 2. Prior to 2024, Empire used a single plantwide overhead allocation rate system with direct labor hours as the allocation base. Compute the predetermined overhead allocation rate based on direct labor hours for 2024. Use this rate to determine the estimated indirect manufacturing cost per wheel rim for each model, to the nearest cent. 3. Compute the estimated ABC indirect manufacturing cost per unit of each model for 2024. Carry each cost per unit to the nearest cent. Print Done