eBook Show Me How PrintItem Product Costs and Product Profitability Reports, using a Single Plantwide Factory Overhead Rate Elliott Engines Inc. produces three products-pistons, valves, and cams-for the heavy equipment industry. Elliott Engines 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 20Y2 is as follows: Budgeted Volume Pistons Valves Cams (Units). Direct Labor Hours Per Unit Price Per Direct Materials Unit Per Unit 6,000 0.20 $32 $15 20,000 8 3 1,000 42 18 0.15 0.30 The estimated direct labor rate is $18 per direct labor hour. Beginning and ending inventories are negligible and are, thus, assumed to be zero. The budgeted factory overhead for Elliott Engines is $94,500. If required, round all per unit answers to the nearest cent. a. Determine the plantwide factory overhead rate. per dih b. Determine the factory overhead and direct labor cost per unit for each product. Direct Labor Hours Per Unit Factory Overhead Cost Per Unit Pistons dih Direct Labor Cost Per Unit Valves Cams dih dlh c. Use the information above to construct a budgeted gross profit report by product line for the year ended December 31, 2012. Include the gross profit as a percent of Check My Work All work saved. Previous Next > Email Instructor Save and Exit Submit Assignment for Grading