Uncle Joe produces different styles of potato chips (ruffled, flat, thick-cut, and gourmet) for different corporate customers. Each style of potato chip requires different preparation times, different cooking and draining times (depending on desired fat content), and different packaging (single serving versus bulk). Therefore, Uncle Joe has decided to try ABC costing to better capture the manufacturing overhead costs incurred by each style of chip. Uncle Joe has identified the following activities related to yearly MOH costs and cost drivers associated with producing potato chips: (Click the icon to view the data.) Compute the activity cost allocation rates for each activity assuming the following total estimated activity for the year: 19,000 preparation hours, 27,000 cooking and draining hours, and 4 million packages. Begin by determining the formula for calculating activity cost allocation rate and then calculate the rates for each activity. (Round your final answers to the nearest cent.) Activity cost allocation rate Preparation - X Data Cooking/draining Packaging Estimated total cost driver Machine Machine overhead Activity Overhead Cost Driver Plantwide overhead Preparation .. .. 912,000 Preparation time Cooking and draining . . . . $ 864,000 Cooking and draining time Revenues Packaging . . $ 320,000 Units packaged Total assets Total liabilities Print Done Total machine hours Total owners' equity