Exercise 4-18 (Algo) Computing overhead rates using activity-based costing LO P3 A manufacturer identified the following activities, costs, and activity drivers. Compute the activity rate for each activity using activity based costing. (Round all "Activity rates" to 2 decimal places.) Budgeted Activity Costs Budgeted Activity Usage Handling materials $ 715, 000 100, 000 parts Inspecting product 954, 000 1,500 inspections Processing orders 231, 000 700 orders Paying suppliers 265, 000 5,000 invoices Insuring factory 336, 000 40, 000 square feet Activity Budgeted Cost Budgeted Activity Usage Activity Rate Handling materials Inspecting product Processing orders Paying suppliers Insuring factory