Hayward Industries manufactures dining chairs and tables. The following information is available regarding the two products and their estimated use of cost drivers: Dining Chairs Tables Estimated Cost Machine setups 200 600 $48,000 Inspections 250 470 $72,000 Labor hours 2,600 2,400 Hayward is considering switching from a traditional costing system to an activity based costing system. Instructions Perform the following analyses for these two components of overhead: a. Compute total machine setups and inspection costs assigned to each product, using a single overhead rate based on labor hours. b. Compute total machine setups and inspection costs assigned to each product, using activity-based costing