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ces Exercise 17-17 (Algo) Using activity-based costing to allocate overhead, compute product cost and gross profit LO P3 Ice Cool produces two different models of air conditioners. The activities, costs, and cost drivers associated with the production processes follow. Process Assembly Units produced Machine hours Setups Activity Inspections Purchase orders Machining Setups Inspecting Purchasing Budgeted Cost $ 310,400 22,000 $ 332,400 $ 228,000 $ 132,000 Finishing Support Additional production information concerning its two models follows. Units and Activities Model X Model 2 1,600 3,200 2,200 5,200 Per Unit Selling price per unit Direct materials cost per unit Direct labor cost per unit 40 500 360 Model X $ 405 145 150 Activity Cost Driver: Machine hours (MH) Setups 80 360 180 Inspections Purchase orders Model Z $385 105 145 Budgeted Activity Usage 7,400 120 860 540 1. Compute the activity rate for each activity using activity-based costing. 2. Using activity-based costing, compute the overhead cost per unit for each model. 3. Compute the total product cost per unit for each model. 4. For each model, compute the gross profit per unit (selling price per unit minus product cost per unit). ences Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Required 4 Compute the activity rate for each activity using activity-based costing. (Round "Activity rate" to 2 decimal places.) Budgeted Cost Budgeted Activity Usage Activity Rate Activity Machining Setups Inspecting Purchasing Required 1 Required 2 > Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 31 Required 4 Using activity-based costing, compute the overhead cost per unit for each model. (Round "Activity Rate" to 2 decimal places and other answers to the nearest whole dollar amount.) Overhead cost per unit-Model X Activity Machining Setups Inspection Purchasing Total allocated cost Units produced Overhead cost per unit Overhead cost per unit-Model Z Activity Machining Setups Inspection Purchasing Total allocated cost Units produced Overhead cost per unit Activity Usage Activity Usage Allocated Cost Allocated Cost. nces Complete this question by entering your answers in the tabs below. Required 1 Required 2 Compute the total product cost per unit for each model. (Round "Activity Rate" to 2 decimal places and other intermediate calculations to the nearest whole dollar amount. Round your final answers to 2 decimal places.) Direct Materials Direct Labor Overhead Product Cost per Unit Per Unit Required 3 Required 4 Model X Model Z References Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Required 4 For each model, compute the gross profit per unit (selling price per unit minus product cost per unit). (Round "Product cost per unit" and "Gross Profit" to 2 decimal places and other intermediate calculations to the nearest whole dollar amount. Negative amounts should be indicated with a minus sign.) Selling Price Product cost per unit Per Unit Model X Model Z