Rosehut Olive Oil Company makes two grades of olive oil: standard and extra virgin. Rosehut has identified two activity cost pools, the related costs per pool, the cost driver for each pool, and the expected usage for each pool. Activity Washing, Pressing & Filtering (WPF) Bottling Total Activity Cost Cost Driver $1,864,400 Washing, Pressing, and Filtering hours $1,120,500 Number of bottles Standard 48,200 hours 332,000 bottles Extra Virgin 109,800 hours 83,000 bottles Additional information about each grade of olive oil is as follows: Grade Standard Extra Virgin Sales Revenue $5,180,000 $2,900,000 Direct Materials Costs $900,000 $600,000 Direct Labor Costs $375,000 $ 150,000 Required: 1. Calculate the activity rate for each cost pool. 2. Using the activity rates, determine the total amount of overhead assigned to each product. 3. Determine total manufacturing cost for each product. 4. Calculate the gross profit for each product. Required 1 Required 2 Required 3 Required 4 Calculate the activity rate for each cost pool. (Round your answers to 2 decimal places.) Activity Washing, Pressing & Filtering (WPF) Bottling Cost Pool per hour per bottle Required 1 Required 2 Required 3 Required 4 Using the activity rates, determine the total amount of overhead assigned to each product. (Round activity rates to 2 decimal places.) Standard Activity for Overhead Standard assigned to Standard Extra Virgin Activity for Overhead Extra Virgin assigned to Extra Virgin Activity Activity Rate WPF Bottling Total $ 0 Required 1 Required 2 Required 3 Required 4 Determine total manufacturing cost for each product. Standard Extra Virgin Direct Materials Direct Labor ABC Overhead Total manufacturing costs $ 0$ 0 Required 1 Required 2 Required 3 Required 4 Calculate the gross profit for each product. Standard Extra Virgin Revenue Cost of goods sold Gross Profit $ 0 $ 0