Hayward Industries manufactures dining chairs and tables. The following information is available: Dining Chairs Tables Total Cost Machine setups 200 600 $48,000 Inspections 250 470 $72,000 Labor hours 2,600 2,400 Machine Hours 1,500 900 Hayward is considering switching from one overhead rate based on labor hours to activity-based costing. Perform the following analyses for these two components of overhead: 1. Compute total machine setups and inspection costs assigned to each product, using a single overhead rate. 2. Compute total machine setups and inspection costs assigned to each product, using activity-based costing