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 $1,631,750 $ 620,000 Washing, Pressing, and Filtering hours Number of bottles Standard 46,000 hours 310,000 bottles Extra Virgin 106,500 hours 77,500 bottles Additional Information about each grade of olive oil is as follows: Grade Standard Extra Virgin Direct Sales Materials Labor Revenue Costs Costs $5,125,000 $900,000 $375,000 $2,350,000 $600,000 $150,000 Direct 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 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 Extra Virgin Activity Activity Rate Activity for Standard Overhead assigned to Standard Overhead Activity for Extra Virgin assigned to Extra Virgin WPF Bottling Total $ 0 $ 0 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 $ 0 $ < Required 2 Required 4 > 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 Washing, Pressing & Filtering (WPF) Bottling Cost $1,631,750 Cost Driver Standard $ 620,000 Washing, Pressing, and Filtering hours Number of bottles 46,000 hours 310,000 bottles Extra Virgin 106,500 hours 77,500 bottles Additional Information about each grade of olive oil is as follows: Direct Direct Grade Standard Sales Labor Revenue Costs $5,125,000 $900,000 $375,000 Materials Costs Extra Virgin $2,350,000 $600,000 $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 Calculate the gross profit for each product. Standard Required 4 Extra Virgin Revenue Cost of goods sold Gross Profit $ 0 $ 0