Check my work Problem 4-12 Contrasting ABC and Conventional Product Cost (LO4-2, LO4-3, LO4-4] Precision Manufacturing Inc. (PMI) makes two types of industrial component partsthe EX300 and the TX500. It annually produces 50,000 units of EX300 and 11,500 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: Direct materials Direct labor EX300 $356,325 $110,000 TX500 $152,550 $ 37,500 Total $508,875 $147,500 The company is considering implementing an activity-based costing system that distributes all of its manufacturing overhead to four activities as shown below: 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 $144,375 67,500 75,750 36,875 $324,500 EX300 80,000 25 1 $110,000 TX500 57,500 200 1 $37,500 Total 137,500 225 2 $147,500 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. Complete this question by entering your answers in the tabs below. Req 1A Req 1B Req 2A Req 2B Req 1B Compute the plariuwide overhead rate that would be used in the company's conventional cost system. (Round your answer to 2 decimal places.) Predetermined overhead rate $ 2.20 per DL$ Req 1A Req 1B > Req 1A Reg 1B Reg 2a Req 2B Using the plantwide rate, compute the unit product cost for each product. (Round your intermediate calculations and final answers to 2 decimal places.) EX300 TX500 Unit product cost Req 1A Req 2A Complete this question by entering your answers in the tabs below. Req 1A Req 1B Req 2A Req 2B Compute the activity rate for each activity cost pool. (Round your Machining and General factory activity rates to 2 decimal places.) Activity Rate per MHR Activity Cost Pools Machining Setups Product-level per setup hr. per product General factory per DL$ Req 1B Req 2B > Complete this question by entering your answers in the tabs below. Req 1A Req 1B Req 2A Req 2B Using the activity rates, compute the unit product cost for each product. (Round your intermediate calculations and final answers to 2 decimal places.) EX300 TX500 Unit product cost Req 2A Req 2B