The company expects to produce 500 units of each model during the year. Read the requirements. Elton Company manufactures wheel rims. The controller expects the following ABC allocation rates for 2018: B (Click the icon to view the allocation rates.) Elton produces two wheel rim models: standard and deluxe. Expected data for 2018 are as follows: (Click the icon to view the expected data.) 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 Predetermined overhead allocation rate Total estimated qty of the allocation base = Now compute the total estimated indirect manufacturing cost for 2018. Total Estimated Indirect Manufacturing Cost Activity Materials handling Machine setup Insertion of parts Finishing Total estimated indirect manufacturing cost Requirement 2. Prior to 2018, Elton 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 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 Activity Materials handling Machine setup Insertion of parts Finishing Allocation Base Number of parts Number of setups Number of parts Number of finishing hours Predetermined Overhead Allocation Rate $ 3.00 per part 800.00 per setup 28.00 per part 80.00 per hour Standard Deluxe 6.0 8.0 16.0 16.0 Parts per rim Setups per 500 rims Finishing hours per rim Total direct labor hours per rim 2.0 3.5 4.0 5.0