Woodall makes handheld calculators in two models: basic and professional. Woodall estimated $721,000 of manufacturing overhead and 515,000 machine hours for the year. The basic model actually consumed 230,000 machine hours, and the professiona model consumed 285,000 machine hours. Requirements Compute the predetermined overhead allocation rate using machine hours (MHr) as the allocation base. 1. 2. How much overhead is allocated to the basic model? To the professional model? Requirement 1. Compute the predetermined overhead allocation rate using machine hours as the allocation base. Select the formula, and then enter the amounts to compute the predetermined overhead (OH) allocation rate. (Enter your answer to the nearest cent.) = Predetermined OH allocation rate Requirement 2. How much overhead is allocated to the basic model? To the professional model? Select the formula, and then enter the amounts to compute the overhead (OH) allocated to the basic model and the professional model. Basic model Professional model Allocated OH costs