Norton Company has the following data for one of its production departments: Theoretical velocity: 160 units per hour Productive minutes available per year: 10,000,000 Annual conversion costs: $80,000,000 Actual velocity: 80 units per hour Required: 1. Calculate the actual conversion cost per unit using actual cycle time and the standard cost per minute. Round your actual cycle time answer to three decimal places anc your cost per unit answer to the nearest cent. 2. Calculate the ideal conversion cost per unit using theoretical cycle time and the standard cost per minute. If required, round your intermediate calculations and final answers to two decimal places. T C What incentive exists for managers when cycle time costing is used? 3. What if the actual velocity is 112 units per hour? What is the conversion cost per unit? If required, round your intermediate calculations and final answers to two decimal places