Master Instrument Pty Lad manufactures two products Premium instruments and Standard instruments. During Juary 10 premium and standard instruments were the fingered analysis of overhead costs reveals the following activities Activity Cest diver Total cost Materials handling Number of requisitions $35.000 Machine set-ups Number of set-ups $27.000 Quality inspections Number of inspections $27.000 Standard instruments The cost driver volume for each product were as follows: Cost driver Premium instruments Number of requisitions 400 Number of setup 200 Number of inspections 200 Total 1000 500 300 400 Required a) Determine the Indirect overhead rate for each activity (3 marks) b) Calculate the indirect per unit cost for January for each of the two products using activity-based costing (5 marks) c) Write a memorandum to the CEO of Master Instruments Pty Ltd explaining the benefits of activity-based costing (3 marks) d Differentiate between cost-based pricing and market based pricing. Use examples to show how prices would be determined under each method. (4 marks)