(wool and cotton) using direct labor hours which are EcoFabrics has budoeted overhead costs of $1,171,800. It has allocated overhead on a plantwide basis to its two products estimated to be 558,000 for the current year. The company has decided to experiment with activity-based costing and has created two activity cost pools and related activity cost drivers. These two cost pools are cutting (cost driver is machine hours) and design (cost driver is number of setups). Overhead allocated to the cutting cost pool is 9446,400 and $725,400 is allocated to the design cost pool, Additional information related to these pools is as follows. Wool Cotton Tota Machine hours Number of setups 24,000 124,000 248,000 1,240 6201,860 Calculate the overhead rate using activity based costing. (Round answers to 2 decimal places, e.q. 12.25.) Overhead rates for activity-based costing Cutting Design per machine hour per setup LINK TO TEX LINK TO TEXT Determine the amount of overhead allocated to the wool product line and the coton product line using activity-based costing Wool product lineCotton product line Overhead Allocated LNK TO TEXT LTO TEXT Calculate the overhead rate using traditional approach. (Round answer to 2 decimal places,e.g. 12.25) Overhead rates using the traditional approach per direct labor hour What amount of overhead would be allocated to the wool and cotton product lines using the traditionalapproach, assuming direct labor hours were incurred evenly betwe thie oo and cotton? Wool product line Cotton product line Overhead Allcated LINK TO TEXT LINK TO TEXT