Fleet Street Inc., a manufacturer of high-fashion clothing for women, is located in South London in the UK. Its product line consists of trousers (34%), skirts (32%), dresses (11%), and other (23%). Fleet Street has been using a volume-based rate to assign overhead to each product: the rate it uses is 2.92 per unit produced. The results for the trousers line, using the volume-based approach, are as follows: Number of units produced Price (all figures in ) Total revenue Direct materials Direct labor Overhead (volume-based) Total product cost Nonmanufacturing expenses Total cost Profit margin for trousers 12,000 32.41 388,92 64,000 213,600 35,040 312,640 58,500 371,140 17,780 Re ently. Fleet Street conducted a further analysis of the trousers line of product, using ABC. In the study, eight activities were identified and direct labor was assigned to the activities. The total conversion cost (labor and overhead) for the eight activities, after allocation to the trousers line, is as follows: Pattern cutting Grading Lay planning Sewing Finishing Inspection Boxing up Storage 39,440 33,789 32,700 37,600 24,900 11,200 6,200 12,400 Required: Determine the profit margin for trousers using ABC. Profit margin