Problem 4-12 (Algo) Contrasting ABC and Conventional Product Cost [LO4-2, LO4-3, LO4-4] Precision Manufacturing Incorporated (PMI) makes two types of industrial component parts- the EX300 and the TX500. It annually produces 61,000 units of EX 300 and 12,600 units of TX500. The company's conventional cost system allocates manufacturing overhead to products using a plantwide ovethead rate and direct labor dollars as the allocation base. Additional information relating to the company's two product lines is shown below: The company is considering implementing an activity-based costing system that distributes all of its manufacturing overheats to four activities as shown below: Required: 1-a. Compute the plantwide overhead rate that would be used in the company's conventional cost system. 1b. Using the plantwide rate, compute the unit product cost for each product. 2-a. Compute the activity rate for each activity cost pool 2b. Using the octivity rates, compute the unit product cost for each product