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Question 3 Cove Company manufactures two products, Product K and Product L. Product L is of origin, having been developed as an attempt to enter a market closely related to that of Product K Product Lis the more complex of the two products, requiring 2.0 hours of direct labor time per unit to manufacture compared to 1.0 hour of direct labor time for Product K. Product Lis produced on an automated production line. Overhead currently is applied to the products based on direct labor hours. The company estimated it would incur S510,000 in manufacturing overhead costs and produce 10,000 units of Product Land 40,000 units of Product K during the current year. Unit costs for materials and labor are: Product K - Direct material $11 and Direct labor $6, Product L -Direct material $24 and Direct labor $12 Required: a. Compute the predetermined overhead rate under the current method and determine the unit product cost of each product for the current year. (8 marks) b. The company is considering the use of activity-based costing as an alternative to its traditional costing method for manufacturing overhead. Data relating to the company's activity cost pools for the current year are given below: Activity cost pool Estimated overhead costs Expected activity K L Machine set ups 204,000 800 1,600 2.400 Purchase orders issued 43,500 500 100 600 Machine hours 105,000 7,000 10,500 17,500 Maintenance requests 157,500 650 850 1,500 issued Sum Using the data above, determine the unit product cost of each product for the current year. (20 marks) c. What items of overhead cost make Product L so costly to produce according to the activity-based costing system? What influence might the activity-based costing data have on management's opinions regarding the profitability of Product L? (Word limit:100 words) (4 marks) END