Idaho Potatoes (IP) grows and processes potatoes in its one plant. It sells potatoes to two markets - retail and institutional. The following information is available after a recent year-end: Retail 900,000 Institutional 100,000 Total Pounds of 1,000,000 Potatoes Direct Material $135,000 $15,000 $150,000 Cost Production $983,000 Support IP currently allocates production support on the basis of pounds of potatoes. IP recently made a bid to supply 25,000 pounds of potatoes to a college. It wants to add a profit of 20% of the cost in determining the selling price. Required Using Excel, create a schedule showing the direct materials, production support for each product and the total cost. Calculate the unit cost for each product Calculate the "bid" on the 25,000 pounds of potatoes Step by Step Instructions 1. Calculate the overhead rate for the production support 2. Allocate the production support to the two products 3. Calculate the total cost for each product 4. Calculate the cost per pound for each product 5. Calculate the cost of the order of 25,000 pounds (institutional customer) 6. Add the profit to the order of 25,000 pounds 7. Calculate the total price of 25,000 pounds to the institutional customer.