Part 3-25 points The Davis Company produces three products in a single production facility. Data on production is as follows: Direct Labor Volume Sales Price Direct Materials Product 1 Product 2 10,000 units 2,000 units $ 100/unit $ 150/unit $ 20/unit $ 25/unit $50/unit $50/unit Product 3 500 units $300/unit $ 75/unit $ 100/unit hours Parts 1 hr/unit 1 parts 1 hr/unit 4 parts 2 hr/unit 15 parts Total overhead for the firm is $585,000. Requirement 1: 1. Calculate the total hours required to produce the budgeted production. What is the overhead cost per hour? 2. Allocating the $585,000 to the three products, provide a segmented income statement showing the gross profit by product line and in total for the firm.