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Farrington, Inc. uses activity-based costing to account for its chrome bumper manufacturing process. Company managers have identified four manufacturing activities: materials handling, machine setup, insertion of parts, and finishing. The budgeted activity costs for 2018 and their allocation bases are as follows: (Click the icon to view the budgeted costs and activity bases.) 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. (Round your answers to the nearest cent.) Predetermined OH allocation rate Estimated overhead costs Estimated qty of the allocation base Materials handling Machine setup Insertion of parts II Finishing Requirement 2. Compute the expected indirect manufacturing cost of each bumper. Begin by selecting the formula to allocate overhead (OH) costs. Predetermined OH allocation rate Allocated mfg. overhead costs Now compute the expected indirect manufacturing cost of each bumper. (Round the cost per bumper to the nearest cent.) Allocated Mfg. OH Cost Materials handling Machine setup Insertion of parts Finishing Total mfg. OH costs Number of bumpers Mfg. OH cost per bumper Activity Total Budgeted Cost Allocation Base Materials handling $ 18,000 Number of parts Machine setup 3,600 Number of setups Insertion of parts 58,000 Number of parts Finishing 75,000 Finishing direct labor hours $ 154,600 Total Farrington expects to produce 500 chrome bumpers during the year. The bumpers are expected to use 2,500 parts, require 10 setups, and consume 2,000 hours of finishing time