Units produced Prime costs Machine hours Engineering hours Receiving orders Inspection hours Overhead costs: Machining Engineering Receiving Inspecting products Required: Basic Advanced 1. Calculate the four activity rates. Machining rate Engineering rate Receiving rate Inspecting rate Basic Advanced $ Basic $ Advanced 80,000 $6,560,000 80,000 Unit cost $ 500 1,000 $6,240,000 2,000,000 440,000 480,000 500 2. Calculate the unit costs using activity rates. Round your answers to the nearest cent. Overhead Cost per unit per unit 240,000 $25,440,000 per machine hour per hour per order per hour 400,000 4,500 Calculate the overhead cost per unit. Round your answers to the nearest cent. per unit 1,500 per unit 2,000 $32,000,000 480,000 5,000 2,000 3,000 3. If consumption ratios instead of activity rates were used to assign costs instead of activity rates, show the cost assignment for the inspection activity. Cost assignment