Ice Cool produces two different models of air conditioners. The activities, costs, and cost drivers associated with the production processes follow. Budgeted Activity Process Activity Assembly Machining Setups Budgeted Cost $ 311,400 28,000 Activity Cost Driver Usage Machine hours (MH) 7,600 Setups 60 $ 339,400 Finishing Inspecting $ 232,000 Inspections 720 Support Purchasing $ 136,000 Purchase orders 510 Additional production information concerning its two models follows. Units and Activities Units produced Model X Model Z 2,000 4,000 Machine hours Setups Inspections Purchase orders 2,400 5,200 20 40 480 240 340 170 Per Unit Model X Model Z Selling price per unit $ 415 Direct materials cost per unit 160 $ 395 115 Direct labor cost per unit 140 120 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.)