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 (23%), skirts (35%), dresses (10%), and other (32%). Fleet Street has been using a volume-based rate to assign overhead to each product; the rate it uses is 2.20 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 14,000 26.40 369,600 60,900 203, 200 30,800 294,900 55,200 350,100 19,500 Recently, 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 37,760 32,300 31,400 36,100 23,900 10,800 5,900 11,800 Required: Determine the profit margin for trousers using ABC. Profit margin