3.5 points Precision Manufacturing Inc. (PMI) makes two types of industrial component partsthe EX300 and the TX500. It annually produces 58,000 units of EX300 and 12,300 units of TX500. The company's conventional cost system allocates manufacturing overhead to products using a plantwide overhead rate and direct labor dollars as the allocation base. Additional information relating to the company's two product lines is shown below: Skipped Direct materials Direct labor EX300 $364,325 $ 118,000 TX500 $160,550 $ 41,500 Total $524,875 $159,500 eBook Print The company is considering implementing an activity-based costing system that distributes all of its manufacturing overhead to four activities as shown below: References Activity Activity Cost Pool (and Activity Measure) Machining (machine-hours) Setups (setup hours) Product-level (number of products) General factory (direct labor dollars) Total manufacturing overhead cost Manufacturing Overhead $ 209,300 131,100 83,870 54,230 $478,500 EX300 88,000 65 1 $118,000 TX500 61,500 280 1 $41,500 Total 149,500 345 $159,500 Required: 1-a. Compute the plantwide overhead rate that would be used in the company's conventional cost system. 1-b. Using the plantwide rate, compute the unit product cost for each product. 2-a. Compute the activity rate for each activity cost pool. 2-b. Using the activity rates, compute the unit product cost for each product