Exercise 5-17 (5-pts) Halifax Brass Company manufactures pumps and valves and used a time-driven activity-based cost system (TDABC). Last year, Halifax recorded the following data for assigning manufacturing overhead costs to its products Unit Cost Estimates (Rates per hour) Practical Capacity Not Assigned to Products (Hours) Total Unit Time Estimates (Hours Assigned to Products) Pumps Valves Machine setups and run time Labor for setups, receiving, and packing $20/MH 1,500 1,800 300 $30/LH 5,000 6,000 200 Engineering (for specializing products) $80/EH 200 400 50 Halifax also developed the following information on revenues and costs other than manufacturing overhead Total revenues Total direct labor cost Total direct materials cost SG&A expenses $890,000 $120,000 $90,000 $100,000 a) Using the company's TDABC system, how much manufacturing overhead cost will be assigned to pumps? How much will be assigned to valves? b) What is the company's net income? (Assume the company sells the entire amount of the product it produces.)