Ice Cool produces two different models of air conditioners. The activities, costs, and cost drivers associated with the production processes follow. Budgeted Activity Process Assembly Activity Machining Setups Budgeted Cost $ 311,200 28,000 Activity Cost Driver Machine hours (MH) Usage 7,800 Setups 180 $ 339,200 Finishing Inspecting $228,000 Inspections 860 Support Purchasing. $ 134,000 Purchase orders 480 Additional production information concerning its two models follows. Units and Activities Units produced Model X Model Z 1,800 3,600 Machine hours Setups Inspections Purchase orders Selling price per unit 2,400 5,400 60 120 540 320 320 160 Per Unit Model XX Model Z $ 405 Direct materials cost per unit 160 $ 385 105 Direct labor cost per unit 130 160 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). 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). Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Required 4 Compute the activity rate for each activity using activity-based costing. (Round "Activity rate" to 2 decimal places.) Activity Machining Setups Inspecting Purchasing Budgeted Cost Budgeted Activity Usage Required 2 > Activity Rate