P Part 1 of 6 Points: 0 of 1 Save Several years after reengineering its production process, King Corporation hired a new controller, Jane Smith She developed an ABC system very similar to the one used by King's chief rival. Part of the reason Smith developed the ABC system was because King's profits had been declining even though the company had shifted its product mix toward the product that had appeared most profitable under the old system. Before adopting the new ABC system. King had used a plantwide overhead rate based on direct labor hours that was developed years ago (Click the icon to view the overhead costs and budgeted data) Read the requirements Requirement 1. Compute the gross profit per wheel if managers rely on the ABC unit cost data (Enter amounts to two decimal places) Begin by computing the total manufacturing cost per wheel for each wheel model King Corporation Total cost per unit using ABC data me Total manufacturing cost you as cum Standard Deluxe Data table Manufacturing Overhead Costs per Unit ABC costs $ Plantwide overhead rate Standard 25850 $ 310.50 S Deluxe 431.50 57950 The following data are budgeted for the company's Standard and Deluxe models for next year Standard Deluxe Sales price per wheel 440 00 5 610.00 Direct materials per wheel 33.50 $ 46.75 Direct labor per wheel 45.00 $ 54.00 Help me solve this Video Get more help-