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 Assembly $ 565,500 Activity Cost Driver Direct labor hours (DLH) Product design Electricity Setup Total 87,000 29,000 72,500 Engineering hours (EH) Machine hours (MH) Setups $ 754,000 Budgeted Activity Usage 13,000 1,500 10,000 580 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 380 direct labor hours and Job 42 used 680 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 (DLH) Engineering hours (EH) Machine hours (MH) Setups Activity Usage Job 31 Job 42 380 680 44 50 50 50 4 6 Complete this question by entering your answers in the tabs below.