E4-16 (Algo) Calculate Total Manufacturing Costs and Gross Profit [LO 4-4] 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. Total Activity Activity Cost Cost Driver Washing, Pressing & Filtering (WPF) Bottling $1,799,750 $ 978,000 Washing, Pressing, and filtering hours Number of bottles) Standard 47,600 hours 326,000 bottles Extra Virgin 108,900 hours 81,500 bottles Additional information about each grade of olive oil is as follows: Grade Standard Extra Virgin Sales Revenue $5,165,000 $2,750,000 Direct Materials Costs $900,000 Direct Labor Costs $375,000 $600,000 $150,000 ine gross profit of 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 2 > Complete this question by entering your answers in the tabs below. ped Required 11 Required 2 Required 31 Required 4 ok ht ances Using the activity rates, determine the total amount of overhead assigned to each product. (Round activity rates to 2 decimal places.) Standard Extra Virgin Activity Activity Rate Activity for Standard Overhead assigned to Standard Activity for Extra Virgin Overhead assigned to Extra Virgin WPF Bottling Total < Required 1 Required 3> Complete this question by entering your answers in the tabs below. 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 2 Required 4 > 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. Revenue Cost of goods sold Gross Profit Standard Extra Virgin < Required 3