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Practice Problem 3 Problem Activity Based Costing Tyson lamp Company is noted for a full line of quality lamps. The company operates one of its plants in Green Bay, Wisconsin. That plant produces two types of lamp: classical and modem. Jane Martinez the president of the company, recently decided to change from a unit-based, traditional costing system to an activity-based cost system. Before; making the change company wide. She wanted to asses the effect on the product costs of the Green Bay plant. This plant was chosen because it produces only two types of lamps, most other plants produce at least a dozen To assess the effect of the change, the following data have been gathered (for simplicity, assume one process): Direct Machine Material Lamp Quantity Hours Moves Setups Classical 400,000 $800,000 100,000 200,000 100 Modern 100,000 $150,000 25,000 100,000 50 Dollar value $950,000 $500,000 $850,000 $650,000 *The cost of operating the production equipment Under the current system, the costs of operating equipment, materials handling, and set-ups are assigned to the lamps on the basis of machine hours. Lamps are produced and moved in batches. REQUIRED A. Compute the unit cost of each lamp using the current unit-based approach. B. Compute the unit cost of each lamp using an activity-based costing approach. C. Compare your answers for part 1 and 2 and briefly discuss the implications of your findings