Exercise 4-1 (Algo) Using plantwide overhead rate to allocate overhead LO P1 Shakti Company budgets overhead cost of $111,000 for the year. The company reports the following for its standard and deluxe models. Cost per Unit Standard Deluxe Direct materials $ 12 $ 23 Direct labor 18 27 1. Compute a single plantwide overhead rate assuming the company allocates overhead cost based on 7,400 direct labor hours. 2. The standard model uses 2 direct labor hours per unit and the deluxe model uses 3 direct labor hours per unit. Compute overhead cost per unit for each model. 3. Compute the total product cost per unit for both models. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Compute a single plantwide overhead rate assuming the company allocates overhead cost based on 7,400 direct labor hours. Select Numerator Select Denominator Complete this question by entering your answers in the tabs below. Required 1 Required 2 Requirea-3 Compute the total product cost per unit for both models. Cost per Unit Direct Materials Direct Labor Overhead Product Cost per Unit Standard 12 18 Deluxe $ 23 $ 27