Ice Cool produces two different models of air conditioners. The activities, costs, and cost drivers associated with the production processes follow. Budgeted Activity Usage Process Assembly Activity Machining Setups Activity Cost Driver Machine hours (MH) Setups 7,200 120 Budgeted Cost $ 311,800 22,000 $ 333,800 $ 226,000 $ 134,000 740 Finishing Support Inspecting Purchasing Inspections Purchase orders 570 Additional production information concerning its two models follows. Units and Activities Units produced Machine hours Setups Inspections Purchase orders Model X 2,000 2,200 40 480 380 Model z 4,000 5,000 80 260 190 Per Unit Selling price per unit Direct materials cost per unit Direct labor cost per unit Model x $ 415 150 125 Model z $ 395 115 145 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.) Budgeted Cost Budgeted Activity Usage Activity Rate Activity Machining Setups Inspection Purchasing Required 1 Required 2 Required 3 Required 4 Using activity-based costing, compute the overhead cost per unit for each model. (Round "Activity Rate" to 2 decimal places and other answers to the nearest whole dollar amount.) Activity Usage Activity Rate Allocated Cost Overhead cost per unitModel 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 cost Units produced Overhead cost per unit Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Required 4 Compute the total product cost per unit for each model. (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.) Direct Materials Direct Labor Overhead Product Cost per Unit Per Unit Model X Model Z Complete this question by entering your answers in the tabs below. 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). (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.) Selling Price Product cost per unit Gross Profit Per Unit Model X Model Z