Compute the overhead rates using the activity-based costing approach Machining Machine setup 5 per machinehour per situphour eTextbook and Media Determine the difference in allocation between the two approaches Current Attempt in Progress Eramble inc has two types of handbags: standard and ciston. The controler has decited to ise a plantwise overhed rate hased on direct labor costs. The president has heard of activity based costing and wants tase how the realfs would dafer it this system were used. Two activity cost pools were developod: machining (machine hours) and inachire setup (number of astupsi The total estinates machine hears is 2.700 , and the total estimated number of setups is 480 . Presented below is formation rebed to the comparry's operatiors. Total eitimated overhead costs are 5285,000 . Overhead cost allocated to the nachining activity cont pool is 5189,000 and 590000 a allocated to the machine setup activity cost pool. Compute the overtead rate using the traditional (plantwidel approach infor ination relatod to each product is ine de cost drivers (Round answer ta 0 dedimal places, es, 12] Determine the difference in allocation between the two approoches