A Lab #2 (Spring 2021) X Lab #2 Assignment (SX A Lab #2 Data (Spring 2 x A Ch 4 Homework - AC X NWP Assessment Play X 3 t.education wiley.com/was/ui/v2/assessment-player/index.html?launchid=0920be29-71bb-43c6-a420-4b1c47415ddo#/question/6 Question 7 of 7 0.75/3 E EcoFabrics has budgeted overhead costs of $954,450. It has allocated overhead on a plantwide basis to its two products (wool and cotton) using direct labor hours which are estimated to be 454,500 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 $363.600 and $590,850 is allocated to the design cost pool. Additional information related to these pools is as follows. Machine hours Number of setups Wool 101,000 1,010 Cotton Total 101,000 202,000 505 1,515 (1) Your answer is correct Calculate the overhead rate using activity based costing. (Round answers to 2 decimal places, eg. 12.25) Overhead rates for activity-based costing Cutting 1a per machine hour $ Design $ 390 per setup e Textbook and Media (a2) X Your answer is incorrect. Determine the amount of overhead allocated to the wool product line and the cotton product line using activity-based costing Wool product line 477225 Cotton product line Overhead Allocated s 479225 eTextbook and Media Save for Later Attempts: 2 of 3 used Submit Answer IL