Cole Co. incurs $700,000 of overhead costs each year in its three main departments: Machining overhead cost $400,000 Inspections overhead cost $200,000 Packing overhead costs $100,000 $700,000 The machining department works 4,000 hours per year. There are 600 inspections per year. The packaging department packs 1,000 orders per year. Cole company has 2 products: Product X Product Y machining hours 1,000 3,000 inspections 100 500 orders packed 350 650 Product X Product Y machining hours 1,000 3,000 inspections 100 500 orders packed 350 650 Using activity-based costing, how much overhead is assigned to Product X this year? $350,000 $340,000 $242,308 $168,334