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Kitchen Supply, Inc. (KSI), manufactures three types of flatware: institutional, standard, and silver. It applies all indirect costs according to a predetermined rate based on direct labor-hours. A consultant recently suggested that the company switch to an activity-based costing system and prepared the following cost estimates for year 2 for the recommended cost drivers. Activity Processing orders Setting up production Recommended Estimated Cost Driver Cost Number of orders $ 48,000 Number of production runs 220,000 Handling materials Pounds of materials used 308,000 Machine depreciation and maintenance Machine-hours Performing quality control Number of inspections 294,000 63,000 Packing 112,500 Number of units Total estimated cost $ Estimated Cost Driver Activity 200 orders 110 runs 110,00 pounds 0 14,000 hours 50 inspections 450,00 units 0 1,045,50 0 In addition, management estimated 7,700 direct labor-hours for year 2. Assume that the following cost driver volumes occurred in January, year 2: InstitutionalStandard Silver Number of units produced 64,000 25,000 10,000 Direct materials costs $ 38,000 $ 24,000 $14,000 Direct labor-hours 430 500 650 Number of orders 13 9 5 Number of production 3 3 6 runs Pounds of material 12,000 6,000 3,200 Machine-hours 550 160 100 Number of inspections 4 3 2 Units shipped 64,000 25,000 10,000 Actual labor costs were $15 per hour. Required: a. (1) Compute a predetermined overhead rate for year 2 for each cost driver using the estimated costs and estimated cost driver units prepared by the consultant. (Round your answers to 2 decimal places.) Activity Processing Orders Setting up production Handling Materials Using Machines Performing quality Control Packing ?????? ?????? ?????? ?????? ?????? ?????? Rate Per order Per run Per pound Per machine hour Per inspection Per unit (2) Compute a predetermined rate for year 2 using direct labor-hours as the allocation base. (Round your answer to 2 decimal places.) Predetermined rate per direct labor-hour ?????? b. Compute the production costs for each product for January using direct labor-hours as the allocation base and the predetermined rate computed in requirement a(2). (Do not round intermediate calculations.) Account Direct Materials Direct Labor Indirect Costs Total Costs Institutional $38,000 Standard $24,000 Silver $14,000 Total $76,000 $38,000 $24,000 $14,000 $76,000 c. Compute the production costs for each product for January using the cost drivers recommended by the consultant and the predetermined rates computed in requirement a. (Note: Do not assume that total overhead applied to products in January will be the same for activity-based costing as it was for the labor-hour-based allocation.) (Do not round intermediate calculations.) Account Direct materials Direct Labor Indirect Cost processing orders Setting up production Handling Materials Using machines Performing Quality control Packing Total Cost Institutional $38,000 Standard $24,000 Silver $14,000 Total $76,000 $38,000 $24,000 $14,000 $76,000