Uncle Pete Snacks produces different styles of sweet potato chips (ruffled, flat, thick-cut, gourmet) for different corporate customers. (Click the icon to view additional information.) (Click the icon to view the additional information and data.) Compute the activity cost allocation rates for each activity assuming the following total estimated activity for the year: 8,500 preparation hours, 36,000 cooking and draining hours, and 5 million packages. Begin by determining the formula for calculating activity cost allocation rate, then calculate the rates for each activity. (Round the rate to the nearest cent.) Preparation Cooking/draining Packaging Total revenues 510000 = Estimated total cost driver 8500 = Activity cost allocation rate per hour 972000 36000 = per hour 500000 5,000,000 = per pkg More info Data table Each style of sweet potato chip requires different preparation time, different cooking and draining times (depending on desired fat content), and different packaging (single serving versus bulk). Therefore, Uncle Pete has decided to try ABC to better capture the manufacturing overhead costs incurred by each style of chip. Uncle Pete has identified the following activities related to yearly manufacturing overhead costs and cost drivers associated with producing sweet potato chips: Cost Driver Print Done Activity Manufacturing Overhead Preparation..... $ Cooking and draining Packaging . $ 510,000 $ 972,000 500,000 Preparation time Cooking and draining time Units packaged Next