Please complete the chart. Thank you!

Mastery Problemt Activity-Based Costing Woolcorp WoolCarp buys theep's wool fram farmen. The compasy began operations in 3anuary of this yeac, and is making decisions on product olferings, pricing, and vendors. The emmpany is alve examining its methed of atsigning overhead to products. You've jost been hired as a production maneger at woolcorp. Currenty Woolcorp makes two products: (1) raw, clean wool ta be used as stualing ar insulation and (2) wool yarn foe use in the taxtie industry. The company would like you to evaluste its costing mnthots for its raw wool and wool yarf. Single Plantwide Rate as direct labor tours of machine hourn, The rate is computed as follewi: Single Plantwide Factory Dvertiead Rate = (total Budgeted Factocy Overhest) \& (Total Budgeted Partwide Allocation Base) woolCorp has been using combing machine hours as its alocation base. The company would the to consiser activity baved costivg. In order to understend their current systein better, you tratuate Woekcorph oument method of costing for raw wool and woel yam. The production staft has compiled the foliowing informstion for you on thei preductian of 500 paunds af either raw woal ar wool yarnt In the folliowing table, use combing machine heurs as the allocation base for assigning wrerhesd colts to each procuct. When reedired, raued your answers to the nearest dellar. Single Plantwide Factory Overhead Rate: 4 per combing hour Activity-Based Costing In order to campare WoolCorp's current method with activity.based costing, you interview the production staff and compile the foliowing intormation, which reiates to the costs for raw wool and wool yarn. Combing Hours of combing machine use 1,200 In the following table, compute and enter the activity rate for each of the three activities, if required, round your answers to the nearest cent. In the following table, aliocate the costs of sorting, cleaning, and combing based on the rates of activity consumed by each product's process. When required, round your answers to the nearest dollar. Final Question Atter reviewing your work on the Singin Fisntwide fate and Actrity- tesed Costang panels, which of the costing method would you recommend ta WoolCorp, and why? Mctivity-based costing method, because it recognizes differences in how each product wses factery overhead activities, Single plantwide factory overhead rate methed, because it is a tried-and-true method wsed for the entire life of the Since both the methods give the same costs for each product, there is no advantage to either method. The company should use whichever methed is the cheapest to implement