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Section 1 (9 Marks) (CLO 2] Scenario LG Corporation (formerly Lucky Gold Star) is a South Korean multinational conglomerate corporation. LG produces three products (mobile phones, cameras, and LED TVs) in two departments: Machining and Assembly. The following table provides production and cost data for the year. In LG Corporation 90% of the work done by machines and only 10% of the work done by employees manually. Mobile Phones 15,000 3,000 $495,000 $225,000 Cameras 10,000 1,500 $600,000 $160,000 LED TVs 20,000 4,000 $800,000 $280,000 Total 45,000 8,500 $1,895,000 $665,000 Number of units Machine hours Direct materials Direct labor Overhead Machining Assembly Total overhead Total costs $900,000 $430,000 $1,330,000 $3,890,000 Products Mobile Phone LED TVs Cameras Expected Profit Margin 10% of Unit cost 20% of Unit cost 5% of Unit cost From the given real-life scenario Identify the correct approach of Activity-based costing and compute the unit cost of each product and set effective price by considering the profit margin