Product-Costing Accuracy, Consumption Ratios Piata Company produces two products: a mostly handcrafted soft leather briefcase sold under the label Maletin Elegant and a leather briefcase produced largely through automation and sold under the label Maletin Fina. The two products use two overhead-activities, with the following costs The controller has coliected the expected annual prime costs for each briefcase, the machine hours, the setup hours, and the expected production 1. Conceptual Connection: Do you think that the direct labor costs and direct materials costs are accurately traced to each briefcase? Explain. Yes. Because direct materials and direct fabor are directly traceable to each product, their cost assignment should be accurate. 1. Conceptual Connection: Do you think that the direct labor costs and direct materiais costs are accurately traced to each briefcase? Explain. Yes. Because direct materials and direct labor are directly traceable to each product, their cost assignment should be accurate, 2. Calculate the consumption ratios for each activity. Round your answers to one decimal place. 3a. Calculate the overhead cost per unit for each briefcase by using a plantwide rate based on direct labor costs. Round to the nearest cent. (Note: Do not round intermediate calculations.) Elegant 1 per briefcase Fina 1 per briefcase 3b. Based on your calculations above which of the following stotements is correct? More machine and setup costs are assigned to liegant than Fina. 4. Conceptual Connections. Calculate the everhead cost per unit for each briefcase by using overhead rates based an machine hours and setup hours. Round your answers to the nearest cent. Elegant per unit Fina per unit