Product costs and Product Profitability Reports, using a Single Plentwide Factory Overhead Rate Issac 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: Budgeted Volume (Units) 6,000 Direct Labor Hours Per Unit Price Per Unit Direct Materials Per Unit Pistons 0.30 $40 $9 0.50 21 5 Valves Cams 13,000 1,000 0.10 55 20 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 tingine is $235,200, If required, round all per unit answers to the nearest cent. a. Determine the plantwide factory overhead rate. per din b. Determine the factory overhead and direct labor cost per unit for each product. Direct Labor Factory Overhead Direct Labor Hours Per Unit Cost Per Unit Cost Per Unit Pistons dih Valves dih Cams dih Hours Per Unit Cost Per Unit Cost Per Unit Pistons dih Valves Cams dih c. Use the information provided to construct a budgeted gross profit report by product leve for the year ended December 31, 2012. Indude the grows profesa percent of sales in the last line of your report, rounded to one decimal place Isaac Engines Inc Product Line Budgeted Gross Profit Reports For the Year Ended December 31, 2012 Valves Cams Pistons Product Costs 0 goddi Total Product Costs Gross profit (loss) Gross profit percentage of sales d. What does the report in (c) indicate to you? Valves have the gross prontas a percent of sales. Valves may require a order to achieve a higher profitability similar to the other two products. price of cost to manufacture in