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Pixel Studio, Incorporated, creates computer-generated animations for films and television. Much of the company's work consists of short commerciais for television, but the company also does realistic computer animations for special effects in movies. The company's owners created an activity-based costing system to better understand their costs in the face of growing competition it includes three activities: animation concept, animation production, and contract administration. The animation concept activity is carried out at the contract proposal stage when the company bids on projects. This is an intensive activity involving individuals from all parts of the company in creating story boards and prototype stilis to be shown to the prospective client. Once a project is accepted by the client, the animation goes into production and contract administration begins. Almost alf of the work involved in animation production is done by the technical staft, whereas the odministrative staff is largely responsible for contract administration. The activity cost pools and their activity measures are listed below: These activity rates inchude all of the company's costs, except for its organization-sustaining costs and idle capacity costs. There, are no direct labor of direct materials costs: Preliminary analysis using these activity rates indicates the local commercial segment of the market moy be unprofitable. Producers of locial commerciais usually ask three or four companles like Pixel Studio to bid, which results in an unusually law ratio of accepted contracts to bids. Furthermote, the animation sequences are shorter for local commercials than for other work. Because animation work is billed at fality standerd rates occording to the running time of the completed animation, this means the revenues from these short projects tend to be below average. Activity dato concerning the local cormmetclal market appear below: The total soles from the 5 contracts for local commercials was $150,000 Pequired: 1. Calculate the cost of serving the local comrletciol market. 2 Calculate the morgin earned tening the local commercial market. (Remembet, this company has na direct materials or direct habor costs) Complete this question by entering your answers in the tabs below. Calculate the margin earned serving the local commercial market. (Remember, this company has no direct materials or direct labor costs.) 2. Calculate the margin eamed serving the local commercial market. (Remember, this company has no direct materials or dire Complete this question by entering your answers in the tabs below. Calculate the cost of serving the local commerclal market