Product Costs and Product Profitability Reports, using a Singie Ptantwide Factury Overhead Pate Isasc Engines Inc, produces three products-iistons, volves, and cams-for the hedry equipment industry, Isaac Engines has a very simple production process and product line and uses a single plantwide factory cverhead rate to allocate overhead to the three producta. The factory overhead rate is based on direct labor hours. Intormaton about the three products for 20 is is as follows: The estimated direct labor rate is $20 per direct labor hour. Begirning and ending inventories are negigible and are, this, assumed te be rero. The budgeted tactory. overhead for isaac Engines is 4235,200 . If required, round all per unit answers to the nearest cent. a. Determine the plantwige factory averhead rate. 4 per dih c. Use the informotion provided to construct a budgeted gross profit report by product line for the year ended December 31,20r2. include the gross profit as a percent of sales in the last line of your report, rounded to one decimal place. * checkmwara d. What does the report in (c) indicate to you? Volives have the gross proft as a percent of sales. Vatves may require a price of to manufacture in order to