Themas Taylor has been studying his department's profitability reports for the past sie moniths He has just completed a managerial accounting course and is beginning to question the company's approach to allocating overhead to products based on machine hours. The current department everhead budget of $1,062.560 is baned on 27,064 machine hours. In an initial analyis of overhead costa. Thomas has identified the following activity cost pools Thomas Taylor is taking the next step in his exploration of activity-based costing and wants to examine the overhead costs that would be allocated to two of the department's four products. He has gathered the following budget information about each product. (a) Calculate the total overhead aliocated to each component under the traditional method using machine hours as the overhead application base. (b) Calculate the total overhead allocated to each component under activity-based costing f Round overhead rotes to 2 decimal ploces. eg. 5.27 and round final answers to 0 decimal places es. 5.275