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Problem 4-1A (Algo) Comparing plantwide rate method and activity-based costing LO P1, P3 Craftmore Machining reports the following budgeted overhead cost and related data for this year Activity Budgeted cost Activity Cost Driver Budgeted Activity Usage Assembly $ 516,750 Direct labor hours (DLH) 13,000 Product design 79,500 Engineering hours (CH) 1,500 Electricity 26,500 Machine hours (10) 10,000 Setup 66.250 Setups 530 Total $ 689,000 Required: 1. Compute a single plantwide overhead rate assuming the company allocates overhead cost based on 13,000 direct labor hours. 2. Job 31 used 360 direct labor hours and Job 42 used 600 direct labor hours. Allocate overhead cost to each job using the single plantwide overhead rate from part 1 3. Compute an activity rate for each activity using activity-based costing 4. Allocate overhead costs to Job 31 and Job 42 using activity-based costing, Activity Cost Driver Direct labor hours (OLH) Engineering hours (EH) Machine hours (M) Setups Activity Usage Job 31 Job 42 360 500 39 45 60 60 5 7 Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Required 4 Job 31 used 360 direct labor hours and Job 42 used 600 direct labor hours. Allocate overhead cost to each Job using the single plantwide overhead rate from part 1 Plantwide Overhead Rate Overhead Allocated Job 31 Direct Labor Hours per Unit 360 direct labor hours 600 direct labor hours per direct labor hour per direct labor hour Job 42 Required: 1. Compute a single plantwide overhead rate assuming the company allocates overhead cost based on 13.000 din 2. Job 31 used 360 direct labor hours and Job 42 used 600 direct labor hours. Allocate overhead cost to each jot plantwide overhead rate from part 3. Compute an activity rate for each activity using activity-based costing. 4. Allocate overhead costs to Job 31 and Job 42 using activity-based costing. Activity Cost Driver Direct labor hours (DLH) Engineering hours (EH) Machine hours (MA) Setups Activity Usage Job 31 Job 42 360 600 39 45 60 60 15 7 Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Required 4 Job 31 used 360 direct labor hours and Job 42 used 600 direct labor hours. Allocate overhead cost to each job using the si plantwide overhead rate from part 1. Plantwide Overhead Rate Direct Labor Hours per Unit Overhead Allocated Job 31 Job 42 per direct labor hour per direct labor hour 360 direct labor hours 600 direct labor hours Prey 3 of 3 BE . Compute a single plantwide overhead rate assuming the company allocates overnead cos Job 31 used 360 direct labor hours and Job 42 used 600 direct labor hours. Allocate overhead cost to each job plantwide overhead rate from part 1 3. Compute an activity rate for each activity using activity-based costing. 4. Allocate overhead costs to Job 31 and Job 42 using activity-based costing. Activity Cost Driver Direct labor hours (DLHS Engineering hours (EH) Machine hours (MH) Setups Activity Usage Job 31 Job 42 360 600 39 45 60 60 5 Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Required 4 Compute an activity rate for each activity using activity-based costing. (Round "Activity Rate" to 2 decimal places.) $ Activity Assembly Product design Electricity Setup Budgeted Cost $ 516,750 79,500 26,500 Budgeted Activity Usage 13,000 Direct labor hours 1,500 Engineering hours 10,000 Machine hours 530 Setups Activity Rate 39.75 per direct labor hour 53.00 per engineering hour 2.65 per machine hour 125.00 per setup $ $