Please only attempt if you can solve the question with proper explanation. Please do not copy from Chegg.

X Company has two production departments, X and Y. Listed below is budgeted information for the two departments, and actual information for one of its products, Product 1: Department X All Products Overhead $5,900,000 Direct labor $1,020,000 $ 13,498 Direct labor hours 60,000 794 Machine hours 110,000 1,070 Units produced 60,000 590 Department y Overhead $2,200,000 Direct labor $680,000 $3,111 Direct labor hours 40,000 183 Machine hours 120,000 820 Units produced 35,000 590 Using a departmental allocation system with machine hours as the cost driver in Department X and direct labor hours as the cost driver in Department Y, what was the allocation to Product 1 [round rate(s) to the nearest cent)