Product Couts and Product Profitability Reports, using a Single Portwide 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 proces and product des a se 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 2017 is as follows: Budgeted Volume (Units) Direct Labor Hours Per Unit Price Per Unit Direct Materials Per Unit 6.000 $40 $0 Pistons Valves Cams 0.30 0.50 0.10 11,000 1,000 21 5 55 20 The estimated direct laberratela 120 per direct labor hour. Beginning and ending inventories are negligible and are, thus, assumed to be zero. The budgeted factory overtuad for lac Engines Is $285.200. If required, round all per unit answers to the nearest cent. a. Determine the plantwide factory overhead rate per dth 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 diri Valves Cm Valves dih Cams dll c. Use the information provided to construct a budgeted grow profit uport by product line for the year ended December 1, 2012. Include the gross prutas a percent of in the line of your report, rounded to one decimal place. Isaac Engines Inc. Product Line Budgeted Gross Profit Reports For the Year Ended December 11, 202 Pistons Valves Cams Product Costs Total Product Costs Gross profit (los) 8 Gross profit percentage of sales d. What does the report in (c) indicate to you? price or cost to manufacture in order to achieve Valves have the gross profita percent of sales, Valves may require higher profitability similar to the other two products