Cornerstone Exercise 4.5 (Algorithmic) Activity-Based Product Costing Roberts Company produces two weed eaters: basic and advanced.The company has four activities: machining, engineering, receiving,and inspection. Information on these activities and their driversis given below. Basic      Advanced      Total Units produced         130,000         390,000         ------ Prime costs         $9,360,000         $39,780,000         $49,140,000 Machine hours         130,000         650,000         780,000 Engineering hours         400         3,600         4,000 Receiving orders         400         1,200         1,600 Inspection hours         900         1,800         2,700         Overhead costs:         Machining         $7,800,000 Engineering         1,680,000 Receiving         512,000 Inspecting products         351,000 Required: 1. Calculate the four activity rates. Machining rate $ per machine hour Engineering rate $ per hour Receiving rate $ per order Inspecting rate $ per hour 2. Calculate the unit costs using activityrates. Round your answers to the nearest cent. Unit cost Basic $ per unit Advanced $ per unit Calculate the overhead cost per unit. Round your answers to thenearest cent. Overhead Cost Basic $ per unit Advanced $ per unit 3. What if consumption ratios instead ofactivity rates were used to assigned costs? Show the costassignment for the inspection activity. Cost assignment Basic $ Advanced $