Laser Cast, Inc., manufactures color laser printers. Model 320 presenty sells for $500 and has a total product cost of $4,as fllows: Direct materials Direct labor Factory overhead Total It is estimated that the competitive selling price for color laser printers of this type will drop to $480 next year. Laser Cast has established a target cost to maintain i $290 $400 cost-reduction ideas .Purchase a plastic printer cover with snap-on assembly, rather than with screws. This will reduce the amount of direct labor by 9 minutes per 2. Add an inspection step that will add six minutes per unit of direct labor but reduce the materials cost by $10 per unit. 3. Decrease the cydle time of the injection molding g machine from four minutes to three minutes per part. Thirty percent of the direct labor and 45% of the factory to three minutes The direct labor rate is $34 per hour a. Determine the target cost for Model 120 assuming that the historical markup on product cost and selling price are maintained. Round your final answer to two deci b. Determine the required cost reduction. Enter as a positive number. Round your final answer to two decimal places. g improvements together to determine if the required cost reduction (drift) can be achieved. Enter all amounts as positive numbers. c 1. Direct labor reduction 2. Additional inspection 3. Injection molding productivity improvement