eBook Product Costs and Product Profitability Reports, using a Single Plantwide Factory Overhead Rate Flint Engine Parts Inc. (FEP) produces three products-pistons, valves, and cams-for the heavy equipment industry. FEP has a very simple production process and product line and uses a single plantwide factory overhead rate to allocate overhead to the three products. The factory overhead rate is based on direct labor hours. Information about the three products for 2014 is as follows: Budgeted Volume (Units) Price Per Unit $42 Direct Labor Direct Materials Hours Per Unit Per Unit Pistons Valves Cams The estimated direct labor rate is $24 per direct labor hour. Beginning and ending inventories are negligible and are, thus, assumed to be zero. The budgeted factory overhead for FEP is $142,800 8,000 21,000 4,000 0.20 0.15 0.30 $20 56 24 If required, round all per unit answers to the nearest cent. a. Determine the plantwide factory overhead rate per dlh b. Determine the factory overhead and direct labor cost per unit for each product. Factory Overhead Cost Per Unit Direct Labor Direct Labor Hours Per Unit Cost Per Unit Pistons Valves Cams Hide c. Use the information above to construct a budgeted gross profit report by product line for the yea ended December 31, 2014. Include the gross profit as a percent of sales in the last line of your repo rounded to one decimal place. Enter all amounts as positive numbers, except for a negative gross profit/gross profit percentage of sales Flint Engine Parts Inc Product Line Budgeted Gross Profit Reports For the Year Ended December 31, 2014