Activity Washing, Pressing & Filtering (WPF) Bottling Activity Cost Cost Driver $1,952,000 Washing, Pressing, and Filtering hours $1,317,500 Number of bottles Standard 49,000 hours 340,000 bottles Extra Virgin 111,000 hours 85,000 bottles Additional information about each grade of olive oil is as follows: Grade Standard Extra Virgin Sales Revenue $5,200,000 $3,100,000 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.) Activity Washing, Pressing & Filtering (WPF) Bottling Cost Pool per hour per bottle 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 Extra Virgin Overhead Activity for assigned to Extra Virgin Extra Virgin Activity Rate Activity for Standard Overhead assigned to Standard WPF Bottling Total Required 1 Required 2 Required 3 Required 4 Determine total manufacturing cost for each product. Standard Extra Virgin Direct Materials Direct Labor ABC Overhead Total manufacturing costs 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