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(This problem is CMA/CPA adapted.) Coffee Bean Inc. (CBI) processes and distributes a variety of coffee. CBI prices its coffee at full product cost, including allocated overhead, plus a markup of 30%. Data for the current budget include factory overhead of $3,300,000, which has been allocated on the basis of each product's direct labor cost. The budgeted direct labor cost for the current year totals $603,000. The firm budgeted $6,300,000 for purchase and use of direct materials (mostly coffee beans). The budgeted direct costs for 1-pound bags of two of the company's many products are as follows: Mona Loa Malaysian Direct materials $4.20 $3.20 Direct labor 0.30 0.30 CBI has developed the activity-based analysis of the current year's budgeted factory overhead costs: Budgeted Activity Cost Driver Activity Budgeted Cost Purchasing Purchase orders 1,188 $ 582,000 Materials handling Setups 1,830 723,000 Quality control Batches 750 147,000 Roasting Roasting hours 96,400 964,000 Blending Blending hours 33,900 339,000 Packaging Packaging hours 26,300 263,000 Total factory overhead cost $3,018,000 Data regarding the current year's production ofjust two of its lines, Mona Loa and Malaysian, follow. There is no beginning or ending direct materials inventory for either of these coffees. (Hint: Use the following information to calculate the amount of each cost driver and then apply the activity rate. For example, the total batches of the product = Budgeted sales / Batch size; the total cost of quality control of the product = the activity rate of quality control * the total batches of the product) Mona Loa Malaysian Budgeted sales 103,000 pounds 2,030 pounds Batch size 10,300 pounds 530 pounds Setups 3 per batch 3 per batch Purchase order size 25,300 pounds 530 pounds Roasting time 1 hour per 100 pounds 1 hour per 100 pounds Blending time 0.5 hour per 100 pounds 0.5 hour per 100 pounds Packaging time 0.1 hour per 100 pounds 0.1 hour per 100 pounds I Requhed: 1. Using Coffee Bean |nc.'s current product costing system, a. Determine the company's predetermined overhead rate using direct labor cost as the single cost driver. b. Determine the full product costs and selling prices of one pound of Mona Loa coffee and one pound of Malaysian coffee. 2. Using an activity-based costing approach, develop a new product cost for1 pound of Mona Loa coffee and 1 pound of Malaysian coffee. Allocate all overhead costs to the 103,000 pounds of Mona Loa and the 2,030 pounds of Malaysian. Complete this question by entering your answers in the tabs below. Using Coffee Bean Inc.'s current product costing system, determine the full product costs and selling prices of one pound of Mona Loa coffee and one pound of Malaysian coffee. (Round your answers to 2 decimal places.) Product costs Budgeted selling price per pound Using an activity-based costing approach, develop a new product cost for 1 pound of Mona Loa coffee and 1 pound of Malaysian coffee. Allocate all overhead costs to the 103,000 pounds of Mona Loa and the 2,030 pounds of Malaysian. (Round intermediate calculations to 2 decimal places.) Direct unit costs: Direct materials Direct labor Indirect unit costs: Purchasing Material handling Quality control Roasting Blending Packaging Total unit cost