Cherry Cobra Canterra Co. incurs $160,000 of overhead costs each year in its three main departments, setup ($10,000), machining ($110,000) and packing ($40,000). The setup department performs 40 setups per year, the machining department works 5,000 hours per year, and the packing department packs 500 orders per year. Information about CCC's 2 products is as follows:...................... .......................................................Product One....................Product Two........................ Number of setups.........................................20...................................20............................. Machining hours.......................................1,000...............................4,000........................ Orders packed.............................................150.................................350........................... If traditional costing method applies using machining hours as a base, how much overhead is assigned to Product One each year?