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 Satchels.
Definitions:
Payback Method
A capital budgeting technique that calculates the time required to recoup the cost of an investment, focusing on cash flow rather than profitability.
Time Value
The idea that having money now is more valuable than having the same amount later because of the possible income it can generate.
Obsolescence
The process of an asset becoming outdated or no longer used, often due to technological advancements.
Annual Rate of Return
The Annual Rate of Return is the percentage of profit or loss on an investment over a one-year period, taking into consideration both capital gains and dividends.
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