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Vernon makes handheld calculators in two models: basic and professional. Vernon estimated $624,000 of manufacturing overhead and 520,000 machine hours for the year. The basic model actually consumed 270,000 machine hours, and the professional model consumed 250,000 machine hours. Requirements 1. Compute the predetermined overhead allocation rate using machine hours (MHr) as the allocation base. 2. How much overhead is allocated to the basic model? To the professional model? Requirement 1. Compute the predetermined overhead allocation rate using machine hours as the allocation base. Select the formula, and then enter the amounts to compute the predetermined overhead (OH) allocation rate. (Enter your answer to the nearest cent.) Vernon makes handheld calculators in two models: basic and professional. Vernon estimated $624,000 of manufacturing overhead and 520,000 machine hours for the year. The basic model actually consumed 270,000 machine hours, and the professional model consumed 250,000 machine hours. Requirements 1. Compute the predetermined overhead allocation rate using machine hours (MHr) as the allocation base. 2. How much overhead is allocated to the basic model? To the professional model? Requirement 1. Compute the predetermined overhead allocation rate using machine hours as the allocation base. Select the formula, and then enter the amounts to compute the predetermined overhead (OH) allocation rate. (Enter your answer to the nearest cent.)