Prescott makes handheld calculators in two models-basic and professional. Prescott estimated $744,000 of manufacturing overhead and 620,000 machine hours for the year. The basic model actually consumed 370,000 machine hours, and the professional model consumed 250,000 machine hours. The predetermined overhead allocation rate using machine hours as the allocation base is $1.20 per machine hour, with the allocated overhead costs split between the basic model and the professional model by $444,000 and S300,000, respectively. EE (Click the icon to view the data using multiple department allocation rates.) (Click the icon to view additional data.) Read the requirements. Requirement 1. Prescott expects to produce 225,000 basic models and 225,000 professional models. Compute the predetermined overhead allocation rates using activity-based costing. How much overhead is allocated to the basic model? To the professional model? Begin by selecting the formula to calculate the predetermined overhead (OH) allocation rate. Then enter the amounts to compute the allocation rate for each activity Abbreviation used: Qty quantity. Enter the materials handling allocation rate to four decimal places, and the remaining allocation rates to the nearest cent.) Predetermined OH allocation rate