Please post solution in same format as question. Thanks. ### Required:1. **Compute the Velocity** (number of models per hour) that the cell can theoretically achieve. - Enter your answer: _______ model per hour - If required, round your answer to two decimal places. Now, compute the theoretical cycle time (number of minutes per model) required to produce one model. - Enter your answer: _______ minutes per model - Do not round the theoretical velocity.2. **Compute the Actual Velocity and Actual Cycle Time** - Actual velocity: _______ model per hour - Actual cycle time: _______ minutes per model - If required, round your actual velocity answer to three decimal places.3. **Compute MCE (Manufacturing Cycle Efficiency)** - Enter your answer: _______ - If required, round your answer to two decimal places. Comment on the efficiency of the operation: - [Dropdown] 4. **Compute the Budgeted Conversion Cost per Minute** - Enter your answer: $_______ per minute - If required, round your answer to the nearest cent. Using this rate, compute the conversion cost per model if theoretical output is achieved. - Enter your answer: $_______ per model Using this measure, compute the conversion cost per model for actual output. - Enter your answer: $_______ per model Does this product costing approach provide an incentive for the cell manager to reduce cycle time? - [Dropdown] Cycle Time, Velocity, Product CostingMulhall, Inc., has a JIT system in place. Each manufacturing cell is dedicated to the production of a single product or major subassembly. One cell, dedicated to the production of mopeds, has four operations: machining, finishing, assembly, and qualifying (testing). The machining process is automated, using computers. In this process, the model’s frame and engine are constructed. In finishing, the frame is sandblasted, buffed, and painted. In assembly, the frame and engine are assembled. Finally, each model is tested to ensure operational capability.For the coming year, the moped cell has the following budgeted costs and cell time (both at theoretical capacity):- Budgeted conversion costs: $8,791,680- Budgeted materials: $18,616,000- Cell time: 38,560- Theoretical output: 24,100 modelsDuring the year, the following actual results were obtained:- Actual conversion costs: $8,791,680- Actual materials: $4,069,000- Actual cell time: 38,560 hours- Actual output: 19,280 models**Required:**1. Compute the velocity (number of models per hour) that the cell can theoretically achieve. If required, round your answer to two decimal places. - $ \text{model per hour} $ Now, compute the theoretical cycle time (number of minutes per model) that it takes to produce one model. In your calculations, do not round the theoretical velocity. - $ \text{minutes per model} $2. Compute the actual velocity and the actual cycle time. If required, round your actual velocity answer to three decimal places. - Actual velocity: $ \text{model per hour} $ - Actual cycle time: $ \text{minutes per model} $3. Compute MCE. If required, round your answer to two decimal places.Comment on the efficiency of the operation.

1 .) Given Data:- Budgeted conversion costs = $8791,680 Budgeted materials =$18,616,000 Cell…

1. Compute the velocity (number of models per hour) that the cell can theoretically achieve. If required, round your answer to two decimal places. model per hour Now, compute the theoretical cycle time (number of minutes per model) that it takes to produce one model. In your calculations, do not round the theoretical velocity. minutes per model 2. Compute the actual velocity and the actual cycle time. If required, round your actual velocity answer to three decimal places. Actual velocity model per hour Actual cycle time minutes per model 3. Compute MCE. If required, round your answer to two decimal places. Comment on the efficiency of the operation. 4. Compute the budgeted conversion cost per minute. If required, round your answer to the nearest cent. per minute Using this rate, compute the conversion cost per model if theoretical output is achieved. $ per model Using this measure, compute the onversion cost per $ per model Does this product costing approach provide an incentive for the cell manager to reduce cycle time? del for actual output.