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Rosehut Olive Oil Company makes two grades of olive oil: standard and extra virgin. Rosehut has identified two activity cost pools, the related costs per pool, the cost driver for each pool, and the expected usage for each pool. Activity Washing, Pressing & Filtering (WPF) Bottling Total Activity Cost Cost Driver $1,886,150 Washing, Pressing, and Filtering hours $1,169,000 Number of bottles Standard 48,400 hours 334,000 bottles Extra Virgin 110,100 hours 83,500 bottles Additional information about each grade of olive oil is as follows: Sales Grade Revenue Standard $5,185,000 Extra Virgin $2,950,000 Direct Materials Costs $900,000 $600,000 Direct Labor Costs $375,000 $150,000 Required: 1. Calculate the activity rate for each cost pool. 2. Using the activity rates, determine the total amount of overhead assigned to each product. 3. Determine total manufacturing cost for each product. 4. Calculate the gross profit for each product. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Required 4 Calculate the activity rate for each cost pool. (Round your answers to 2 decimal places.) Cost Pool Activity Washing, Pressing & Filtering (WPF) Bottling per hour per bottle Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Required 4 Using the activity rates, determine the total amount of overhead assigned to each product. (Round activity rates to 2 decimal places.) Standard Activity for Overhead Standard assigned to Standard Extra Virgin Activity for Overhead Extra Virgin assigned to Extra Virgin Activity Activity Rate WPF Bottling Total Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Required 4 Calculate the gross profit for each product. Standard Extra Virgin Revenue Cost of goods sold Gross Profit