Product Costs and Product Profitability Reports, using a Single Plantwide Factory Overhead Rate Elliott Engines Inc. produces three products-pistons, valves, and cams-for the heavy equipment industry. Elliott 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 2012 is as follows: Pistons Valves Cams Budgeted Volume (Units) Direct Labor Hours Per Unit Price Per Direct Materials Unit Per Unit 9,000 0.20 $40 $20 28,000 0.15 10 3,000 0.30 54 3 23 The estimated direct labor rate is $23 per direct labor hour. Beginning and ending inventories are negligible and are, thus, assumed to be zero. The budgeted factory overhead for Elliott Engines is $207,000. If required, round all per unit answers to the nearest cent. a. Determine the plantwide factory overhead rate. per dih