Turtle LLC manufactures and sells two products - Shell and Rabbit. The company has introduced an activity-based costing system (ABC) and you have been provided with the following projections for the year 20221: Shell Rabbit Total Production & Sales (in units) 20,000 10,000 30,000 Machine hours No. of set-ups No. of sales orders 10,000 40 25 15,000 60 15 25,000 100 40 Sales Price (per unit) $ $35 $50 Costs Direct labor (per unit) Direct materials (per unit) $10 $5 $15 $10 Production overheads - cost pools $ Set Ups 50,000 Machine overheads 90,000 Inspection 30,000 Packaging 55.000 Total ??? Required 1. How many machine hours will each unit of Shell and Rabbit need? 2. What would the cost per unit be if overheads are allocated in the basis of machine hours (ie under a traditional approach)? What portion of this is prime cost? 3. What are the principal steps involved in setting up an ABC system 4. Identify the cost drivers for each of Turtle LLC's cost pools. 5. Compute the total cost per unit for each of the products under ABC 6. What is the expected profit or loss for each product