A company reported the following information for the production and sale of 500,000 gallons of oil: Sales: Production costs: $1,500,000 Direct materials $575,000 Direct labor $300,000 Applied overhead (Using ABC) Overhead based on number of gallons $375,000 Overhead based on number of batches $100,000 Overhead based on number of ingredients $180,000 Total production cost $1,530,000 ($30,000) Gross profit Overhead was applied based upon the following predetermined overhead rates: $0.75 per gallon $500 per batch $1,000 per ingredient What would be the gross profit if the company increased their selling price per gallon by $0.10? $10,000 $20,000 $50,000 YOUR ANSWER CORRECT