1. A Production machine is purchased for an initial cost plus installation of $300,000. Its anticipated life = 10 years. The machine is planned for a one-shift operation, 8 hours per shift, 5 days per week and 45 weeks per year. The applicable overhead rate on this type of equipment = 40%. Determine the equipment cost rate. 2. The production machine in question 1 is used to sequentially produce a batch of parts that each has a starting material cost of $4. Batch quantity = 300. The actual processing time in the operation = 5 min. Time to load and unload each workpiece = 3 min. Tool cost = $6.00, and each tool can be used for 10 pieces before it is changed, which takes 6.0 minutes. Before production can begin, the machine must be set up, which takes 3.0 hours. Hourly wage rate of the operator = $25.00/hour, and the applicable labor overhead rate = 30%. Determine, (a) the cycle time for the piece, (b) average production rate when setup time is considered, and (c) cost per piece