Modiste Inc.manufactures two kinds of bags-totes and satchels.The company allocates manufacturing overhead using a single plantwide rate with direct labor cost as the allocation base.Estimated overhead costs for the year are $24,250.Additional information is given below. 
-Calculate the amount of overhead to be allocated to Totes.
Definitions:
Minimum Price
The lowest price at which a product can be sold, often regulated by law to cover costs and protect producers or consumers.
Marginal-revenue Curve
A graphical representation that shows how marginal revenue varies as the quantity of output is changed.
Market Demand
The total quantity of a good or service that consumers are willing and able to purchase at various prices during a specific time period.
Elastic
Describes a situation where the demand or supply of a good or service changes significantly in response to price changes.
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