Ryan Co. manufactures t-shirts and hats. The following information is provided: Ryan Co. is considering switching from one overhead rate based on labor hours to activity-based costing. T-shirts Hats Total Cost Machine setups 200 600 $48000 Inspections 250 470 $72000 Labor hours 2600 2400 Instructions Perform the following analyses for these two components of overhead: a) Compute the pre-determined overhead rate, total machine setups, and inspection costs assigned to each product, using a single overhead rate. b) Compute the activity-based overhead rates, total machine setups, and inspection costs assigned to each product, using activity-based costing. Do not use dollar signs or commas in your responses. a) 1 Single overhead rate $ per labor hour Overhead costs assigned to t-shirts $ Overhead costs assigned to hats $ b) Activity-based overhead rate $ per setup Activity-based overhead rate $ per inspection Overhead costs assigned to t-shirts Overhead costs assigned to hats