8. a plastic molding machine produces a product whose annual demand is in the millions. the machine is automated and used full time just for the production of this product. the molding cycle time = 30 sec. no tooling is required other than the mold, which cost $100,000 and is expected to produce 1,000,000 moldings (products). the plastic molding compound costs $1.20/lb. each molding weighs 0.88 lb. the only labor required is for a worker to periodically retrieve the moldings. labor rate of the worker = $18.00/hr including overhead. however, the worker also tends other machines and only spends 20% of his time on this machine. setup can be ignored because of the long production run. the molding machine was purchased for $500,000 installed, its anticipated life = 10 years, and it operates 7000 hours per year. equipment overhead rate = 30%. assume availability = 100% and scrap rate = 0. determine (a) the hourly production rate of the machine, (b) annual quantity of product molded, and (c) cost per piece.