Ice Cool produces two different models of air conditioners. The activities, costs, and cost drivers associated with the production processes follow Process Assembly Activity Machining Setups Budgeted Activity Usato 7,400 180 Budgeted Cost Activity Cost Driver $ 311,200 Machine hours (MH) 22,000 Setups $ 333,200 $ 224,000 Inspections $ 138,000 Purchase orders 820 Finishing Support Inspecting Purchasing 570 Additional production information concerning its two models follows Units and Activities Model X Model z Units produced 2,000 4,000 Machine hours 2,000 5,400 Setups 120 Inspections 480 340 Purchase orders 380 190 60 $ 385 $ 405 160 145 150 Per Unit Model X Model 2 Selling price per unit Direct materials cost per unit 110 Direct labor 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) 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) Budgeted Activity Usage Activity Rate Activity Machining Setups Inspecting Budgeted Cost $ 3.11.200 22.000 224.000 138,000 Purchasing Required 2 > Allocated Cost Activity Usage Activity Rite Overhead cost per unit-Model X Activity Machining Setups Inspection Purchasing Total allocated cost Units produced Overhead cost per unit $ Activity Usage Activity Rate Allocated Cost Overhead cost per unit-Model Z Activity Machining Setups Inspection Purchasing Total allocated on Units produced Overhead cost per unit 5 Compute the total product cost per unit for each model. (Round Activity Rate to 2 decimal places and other intermediate calculation to the nearest whole dollaramount. Round your finalan went to 2 decimal places Per Unit Direct Materials Direct Labor Overhead Product Cost per Unit Model X Model For each model compute the gross profit per unit (selling price per unit minus product cost per unit). (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 sion) Selling Price Product cost per unit Gross Profit Per Unit Model X Model Z