Product Costs and Product Profitability Reports, using a Single Plan de Factory Overhead Rate Eliot Engines Inc, produces three products-pistont, valves and came for the heavy equipment industry Elliott Engine has a very simple production process and product line and uses a single plantede factory overhead rate to locate overhead to the three products. The factory overhead role is based on direct labor hours. Information about the three products for 2012 is as follows Budgeted Volume Direct Labor Price Per Direct Materials (Units) Hours Per Unit Unit Per Unit Pistons 12.000 0.30 $32 $15 Valves 26,000 6.15 Cams 2.000 0.20 42 18 The estimated direct laborate is $10 per direct labor hour. Beginning and ending inventories are eligible and thus med to be vero. The budgeted factory overhead for long as $300,200. If required found a unit answers to the nearest cent # Determine the plantwide factory overhead rate. Sperah b. Determine the factory overhead and direct labor cost per un foruch product Direct Labor Factory Overhead Direct Labor Hours Per Unit Cost Per Unit Cost Per Unit dh dh Valves Cams dh c. Use the information above to construct budgeted gross profitot by product line for the December 2012. Inced the profita percent of sales in the last one of your report rounded to one decimal place the amount as pove numbers excast for a proiect Elliot Engines Inc Product Line Budgeted Gross Profit Reports For the Year Ended December 31, 2012 Valve Com Cams dith 1 c. Use the information above to construct a budget gross profit report by product line for the year ended December 31, 2012. Include the gross profit as a percent of sales in the last line of your report, rounded to one decimal place. Enter all amounts as positive numbers, except for a negative grous progress pret percentage of sales Elliot Engines Inc Product Line Budgeted Gross Profit Reports For the Year Ended December 11, 2012 Potom Valves Cars Product Coll Tubal Product Costa Gross profit Gross profit percentage of sales d. What does the report in (c) indicate to you Valves have the grous groft as a percent of sales Valves may returez profitability the other products cout to manufacture in order to achieve the Check My Work