Problem 4-12 Contrasting ABC and Conventional Product Cost (L04-2, LO4-3, LO4-4) Precision Manufacturing Inc (PMI) makes two types of industrial component parts--the EX300 and the TX500. It annually produces 56,000 units of EX300 and 12.100 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 TXSBD Total Direct materials $362,325 $158,550 $520,875 Direct labor $116,eee $ 40, 500 $156,500 The company is considering implementing an activity-based costing system that distributes all of its manufacturing overhead to four activities as shown below: Activity Activity Cost Pool (and Activity Measure) Machining (machine-hours) Setups (setup hours) Product-level (number of products) General factory (direct labor dollars) Total manufacturing overhead cost Manufacturing Overhead $219,750 113,480 54,970 50,080 $438,289 EX300 86,089 55 1 $116,888 TX500 60,500 260 1 $40, 500 Total 146,580 315 2 $156,500 Required: 1-a Compute the plantwide overhead rate that would be used in the company's conventional cost system. 1-b Using the plantwide rate, compute the unit product cost for each product 2-a. Compute the activity rate for each activity cost pool. 26. Using the actvity rates, compute the unit product cost for each product Complete this question by entering your answers in the tabs below.