Problem 17-1B Comparing plantwide rate method and activity-based costing 4P1[P3 BuiltRite Machining reports the following budgeted overhead cost and related data for the year. Required 1. Compute a single plantwide overhead rate assuming the company allocates overhead cost based on 12,500 machine hours. 2. Job 55 used 150 machine hours and Job 66 used 220 machine hours. Allocate overhead cost to each job using the single plantwide overhead rate from part 1. 3. Compute an activity overhead rate for each activity using activity-based costing. 4. Allocate overhead costs to the following jobs using activity-based costing. Problem 17-1B Comparing plantwide rate method and activity-based costing 4P1[P3 BuiltRite Machining reports the following budgeted overhead cost and related data for the year. Required 1. Compute a single plantwide overhead rate assuming the company allocates overhead cost based on 12,500 machine hours. 2. Job 55 used 150 machine hours and Job 66 used 220 machine hours. Allocate overhead cost to each job using the single plantwide overhead rate from part 1. 3. Compute an activity overhead rate for each activity using activity-based costing. 4. Allocate overhead costs to the following jobs using activity-based costing