Precision Manufacturing Inc. (PMI) makes two types of industrial component parts-the EX300 and the TX500. It annually produces 65,000 units of EX300 and 13,000 units of TX500. The company's conventional cost system allocates manufacturing overhead to products using a plantwide overhead rate and direct labor dollars as the allocation base. Additional information relating to the company's two product lines is shown below: EX300 TX500 Total Direct $371,325 $167,550 $538,875 materials Direct labor $125,000 $ 45,000 $170,000 The company is considering implementing an activity-based costing system that distributes all of its manufacturing overhead to four activities as shown below Activity Manufacturing TX500 Activity Cost Pool Machining (machine-s Setups (setup hours) Total (and Activity Measure) OverheadEX300 248,000 95,000 65,000 160,000 450 2 45,000 $170,000 hours) 202,500 350 100 Product-level 88,400 (number of products) General factory 73,100 $125,000 (direct labor dollars) 612,000 Total manufacturing s overhead cost Required 1- Compute the plantwide overhead rate that would be used in the a. company's conventional cost system. (Round your answer to 2 decimal places.) Predetermined overhead rate per DLS 1- b. Using the plantwide rate, compute the unit product cost for each product. (Do not round intermediate calculations. Round your answers to 2 decimal places.) EX300 TX500 Unit product cost