Ivanhoe Company manufactures two products, Velveeto and Fondant. Ivanhoe has estimated overhead costs as follows: setting up machines ($164000), machining ($303200) and inspecting ( $104000). Information on the two products follows:Overhead is applied to Fondant using direct labor hours. What is the total amount of overhead charged to this product line using traditional costing? $111660$217600$2860005353600.