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Exercise 4-17 (Algo) Using activity-based costing to allocate overhead, compute product cost and gross profit LO P3 Ice Cool produces two different models of air conditioners. The activities, costs, and cost drivers associated with the production processes follow. Process Assembly Finishing Support Activity Machining Setups Inspecting Purchasing Budgeted Cost $ 310, 20 , o $ 330, $ 232, $ 138, Activity Cost Driver Machine hours (MH) Setups Inspections Purchase orders Budgeted Activity Usage 60 800 540 Additional production information concerning its two models follows. Units and Activities Units produced Machine hours Setups Inspections Purchase orders Per Unit Selling price per unit Model X 2, 2, 20 500 360 Direct materials cost per unit Direct labor cost per unit Model Z 5,600 40 300 180 Model X 145 125 Model Z $ 380 105 150 1. Compute the activity rate for each activity using activity-based costing. 2. Using activity-based costing, compute the overhead cost per unit for each model. 3. Compute the total product cost per unit for each model. 4. For each model, compute the gross profit per unit (selling price per unit minus product cost per unit). Required 1 Required 2 Required 3 Required 4 Compute the activity rate for each activity using activity-based costing. Note: Round "Activity rate" to 2 decimal places. Machining Setups Inspecting Purchasing Required 1 Required 2 Required 3 Required 4 Using activity-based costing, compute the overhead cost per unit for each model. Note: Round "Activity Rate" to 2 decimal places and other answers to the nearest whole dollar amount. ead cost per unitModel ity Machining Setups Inspection Purchasing Total allocated cost Units produced Overhead cost per unit cost per u Machining Setups Inspection Purchasing Total allocated cost units produced Overhead cost per unit Activity usage Activity U Activity Rate Activ Rate Allocated C Allocated Cos Required 1 Required 2 Required 3 Required 4 Compute the total product cost per unit for each model. Note: Round "Activity Rate" to 2 decimal places and other intermediate calculations to the nearest whole dollar amount. Round your final answers to 2 decimal places. Model X Model Z Required 1 Required 2 Required 3 Required 4 For each model, compute the gross profit per unit (selling price per unit minus product cost per unit). Note: Round "Product cost per unit" and "Gross Profit" to 2 decimal places and other intermediate calculations to the nearest whole dollar amount. Negative amounts should be indicated with a minus sign. Per Unit Model X MOdel Z Selli Price Productcost unit Gross Profit