After reviewing the new activity-based costing system that Nancy Chen has implemented at IVC's CenterPoint manufacturing facility. Tom Spences, the production supervisor, believes that he can reduce production costs by reducing the time spent on machine setups. He has spent the last month working with employees in the plant to change over the machines more quickly with the same reliobility. He plans to produce 118,000 units of the Sport model and 49,000 units of the Pro model in the first quarter. He believes that with his more efficient setup routine, be can roduce the number of sctup hours for both the Sport and the Pro products by one-third Cost Drivers and Cost Driver Volumes-CenterPoint Manufacturing Facility Third Quarter Unit Cost Report, Activity Based Costing-CenterPoint Manufacturing Facilty Required 4. Compute the amount of ovemead aliscated to the 5 port and the Pvo drones for the first quaner using activit based costing. Assume that ail svents ace the same in the first quarter as in the thind evarter except for the number of setup hours. Assume the a. Compute the amount of overhead allocated to the Sport and the Pro drones for the first quarter using actwily based costing Assume that all events are the same in the first quarter as in the third quarter except for the numbec of setup hours. Assume the cost of a setup hour remains at $900