Your answer is partially correct. Compute the overhead rates using the activity-based costing approach. Machining Machine setup $ $ permachine hour per setuphour Compute the overhead rate using the traditional (plantwide) approach information related to each product's use of cost drivers. (Round answer to 0 decimal places, eg. 12.) Predetermined overhead rate: % of direct labor cost Sheffield inc. has two types of handbags: standard and custom, The controller has decided to use a plantwide overhead rate based on direct labor costs. The president has heard of activity-based costing and wants to see how the results would differ if this system were used. Two activity cost pools were developed: machining (machine hours) and machine setup (number of setups). The total estimated machine hours is 2,700 , and the total estimated number of setups is 450 . Presented below is information related to the company's operations. Total estimated overhead costs are $288,000. Over head cost allocated to the machining activity cost pool is $189,000, and $99,000 is allocated to the machine setup activity cost pool, Iraditional costing Standard Custom $ 194000 Activity-based costing Standard Custom