roduct-Costing Accuracy, Consumption Ratios ata 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: $6.000 Setting up equipment Machining 20,000 The controller has collected the expected annual prime costs for each briefcase, the machine hours, the setup hours, and the expected production Elegant Direct labor $9.000 $1,000 Direct materials $3.000 1000 Units Machine hours Setup hours Required 1. Conceptual Connection: Do you think that the direct but costs and direct materiais costs are accurately traced to each brease? Exp 2. calculate the consumption ratios for each activity vers to one decimal place Elegant Machine hours 500 100 4,500 100 Setup hours Required: 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 each activity. Round your answers to one decimal place. Elegant Fina Machining Setups 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.) per briefcase Elegant Fina s per briefcase 3b. Based on your calculations above which of the following statements is correct? 4. Conceptual Connection: Calculate the overhead cost per unit for each briefcase by using overhead rates based on machine hours and setup hours. Round your answers to the nearest cent. Elegant per unit