Protue-Coitng Accons,y, Conumpson Zabot feloming cats. sertingopequpeert:Mechinng18,06021,000 Product-Costing Acouracy, Consumption Autiss tho everieas actiritien, with the following cnsts: SettingupequementMachining$6,00022,000 The controlier has collected the espectes annal prime conts for each brielcase, the machine hours, the setue hsurn, wnd the expected production. \begin{tabular}{lrr} & Elegant & Fink \\ \hline Direct wbor & 38,000 & $3,000 \\ pureet manerith & $3,000 & s3,000 \\ Units & 3,009 & 3,000 \\ Machine heurs & 500 & 1,500 \\ Sefup hours & 160 & 100 \end{tabular} 1. Conceptual Connection: Do you think that the direct labor costs and direct materials costs are accurately traced to each briefcase? Explain. 2. Calculate the consumption ratios for esch activity. Round your answers to one decimal place. Elegant per briefcase Fina per briefcase 3b. Based on your calculations above which of the following statements is correct