Product Costs and Product Profitability Reports, using a Single Plantwide Factory Overhead Rate Isaac Engines Inc. produces three products-pistons, valves, and cams-for the heavy equipment industry. Isaac Engines has a very simple production process and product line and uses a single plantwide factory overhead rate to allocate overhead to the three products, The factory overhead rate is based on direct labor hours. Information about the three products for 2022 is as follows: The estimated direct labor rate is $20 per direct labor hour. Beginning and ending inventories are negligible and are, thus, assumed to be zero. The budgeted factory overhead for Isaac Engines is $235,200. If required, round all per unit answers to the nearest cent. a. Determine the plantwide factory overhead rate. per dih c. Use the information 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. d. What does the report in (c) indicate to you? c. Use the information provided to construct a budgeted gross profit report by product line for the year ended December 31 , 20Y2, Include the gross profit as a percent of sales in the last line of your report, rounded to one decimal place. d. What does the report in (c) indicate to you? Valves have the gross profitas a percent of sales. Valves may require a price or cost to manufacture in order to achieve a higher profitability similar to the other two products