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ABC Versus ABM Harvey Company produces two models of blenders: the "Super Model" (priced at $397) and the Special Model" (priced at $203). Recently, Harvey has been losing market share with its Special Model because of cormpetitors offering blenders with the same quality and features but at a lower price. A careful market study revealed that it Harvey could reduce the price of its Specal Model to $182, it would regain its former share of the market. Management, however, is convinced that any price reduction must be accompanied by a cost reduction of the same amount so that per-unit profitability is not affected. Eart Wise, company controller, has indicated that poor overhead costing assignments may be distorting management's view of each product's cost and, therefore, the ability to know how to set selling prices. Earl has identified the following overhead activities: machining, inspection, and rework. The three activities, their costs, and practical capacities are as follows: Activity Cost Practical Capacity Machining $5,435,100 89,100 machine hours Inspection 3,750,300 46,300 inspection hours Rework 1,832,000 45,800 rework hours The consumption patterns of the two products are as follows: Special Super 100,00033,900 50,000 39,100 10,900 35,400 7.300 38,500 Units Machine hours Inspection hours Rework hours based hours. on machine Harvey assigns overhead costs to the two products using a plantwide rate Required: d cost of the Special Model using machine hours to assign overhead costs. Round intermediate calculations and your final answer to the nearest cent, if rounding is required. per unit Now, repeat the calculation using ABC to assign overhead costs, Round intermediate calculations and your final answer to the nearest cent, if rounding is required per unit Did improving the accuracy of cost assignments solve Harvey's competitive problem? 2. Now, assume that in addition to improving the accuracy of cost assignments, Eart observes that defective supplier components are the root cause of both the inspection and rework activities. Suppose further that Harvey has found a new supplier that provides higher-quality components such that inspection and rework costs are reduced by 50 percent. Now, calculate the cost of the Special Model (assuming that inspection and rework times are also reduced by s0 percent) using ABC. The relative consumption patterns also remain the same. Round intermediate calculations and your final answer to the nearest cent, it rounding is required per unit Comment on the difference between ABC and ABM