Pecan Inc. produces water valves. Overhead costs have been identified as follows: Activity Pool Cost Activity Driver Activity Number of Quality control $55,500 inspections 185 Machine maintenance Number of machine $87,400 hours 19,000 Setups Number of $75,000 production runs 60 Pecan makes 3 models of valves with the following details: Economy Standard Premium Units produced 20,000 40,000 7,000 Economy Standard Premium Units produced 20,000 40,000 7,000 Number of inspections 5 40 140 Machine hours 4,500 12,000 2,500 Production runs 5 20 35 Required: 1. Calculate the activity rate for each activity. 2. Determine the amount of indirect costs assigned to each of the products