Product Costs and Product Profitability Reports, using a Single Plantwide Factory Overhead Rate Elliott Engines Inc. produces three productspistons, valves, and camsfor 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 20Y2 is as follows: Budgeted Volume (Units) Direct Labor Hours Per Unit Price Per Unit Direct Materials Per Unit Pistons 9,000 0.30 $42 $20 Valves 27,000 0.15 11 3 Cams 4,000 0.20 56 24 The estimated direct labor rate is $24 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 $196,300. If required, round all per unit answers to the nearest cent. a. Determine the plantwide factory overhead rate. $fill in the blank d7b67301dfbbfd4_1 per dlh b. Determine the factory overhead and direct labor cost per unit for each product. Direct Labor Hours Per Unit Factory Overhead Cost Per Unit Direct Labor Cost Per Unit Pistons fill in the blank d7b67301dfbbfd4_2 dlh $fill in the blank d7b67301dfbbfd4_3 $fill in the blank d7b67301dfbbfd4_4 Valves fill in the blank d7b67301dfbbfd4_5 dlh $fill in the blank d7b67301dfbbfd4_6 $fill in the blank d7b67301dfbbfd4_7 Cams fill in the blank d7b67301dfbbfd4_8 dlh $fill in the blank d7b67301dfbbfd4_9 $fill in the blank d7b67301dfbbfd4_10 c. Use the information above 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. Enter all amounts as positive numbers, except for a negative gross profit/gross profit percentage of sales. Elliot Engines Inc. Product Line Budgeted Gross Profit Reports For the Year Ended December 31, 20Y2 Pistons Valves Cams $fill in the blank 8b1bbf08a07d00e_2 $fill in the blank 8b1bbf08a07d00e_3 $fill in the blank 8b1bbf08a07d00e_4 Product Costs $fill in the blank 8b1bbf08a07d00e_6 $fill in the blank 8b1bbf08a07d00e_7 $fill in the blank 8b1bbf08a07d00e_8 fill in the blank 8b1bbf08a07d00e_10 fill in the blank 8b1bbf08a07d00e_11 fill in the blank 8b1bbf08a07d00e_12 fill in the blank 8b1bbf08a07d00e_14 fill in the blank 8b1bbf08a07d00e_15 fill in the blank 8b1bbf08a07d00e_16 Total Product Costs $fill in the blank 8b1bbf08a07d00e_17 $fill in the blank 8b1bbf08a07d00e_18 $fill in the blank 8b1bbf08a07d00e_19 Gross profit $fill in the blank 8b1bbf08a07d00e_20 $fill in the blank 8b1bbf08a07d00e_21 $fill in the blank 8b1bbf08a07d00e_22 Gross profit percentage of sales fill in the blank 8b1bbf08a07d00e_23% fill in the blank 8b1bbf08a07d00e_24% fill in the blank 8b1bbf08a07d00e_25% d. What does the report in (c) indicate to you? Valves have the gross profit as a percent of sales. Valves may require a price or cost to manufacture in order to achieve the same profitability as the other two products.