The company expects to produce 500 units of each model during the year. Elkin Company manufactures wheel rims. The controller expects the following ABC allocation rates for 2018: E (Click the icon to view the allocation rates.) Elkin produces two wheel rim models: standard and deluxe. Expected data for 2018 are as follows: (Click the icon to view the expected data.) Read the requirements. ---- Requirement 1. Compute the total estimated indirect manufacturing cost for 2018. Begin by selecting the formula to compute the total estimated overhead (OH) costs. Total estimated = overhead costs Now compute the total estimated indirect manufacturing cost for 2018. Total Estimated Activity Indirect Manufacturing Cost Materials handling Machine setup Insertion of parts Finishing Total estimated indirect manufacturing cost Requirement 2. Prior to 2018, Elkin 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 2018. 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 2018. Carry each cost 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. Activity OH Cost Per Rim OH Cost Per Rim Standard Deluxe Materials handling Machine setup Insertion of parts Finishing Total indirect cost per rim - Data Table Data Table Predetermined Overhead Allocation Rate Activity Allocation Base Standard Deluxe Materials handling $8.00 per part 5.0 8.0 Number of parts Number of setups 500.00 per setup 15.0 15.0 Machine setup Insertion of parts Number of parts 25.00 per part Parts per rim Setups per 500 rims Finishing hours per rim Total direct labor hours per rim 3.0 6.5 Finishing Number of finishing hours 60.00 per hour 6.0 8.0 Print Done Print Done