Rosehut Olive Oil Company makes two grades related costs per pool, the cost driver for each of olive oil: standard and extra virgin. Rosehut has identified two activity cost pools, the pool, and the expected usage for each pool. Total Activity Activity 01 Washing, Pressing & Filtering (PF) Bottling Cost Cost Driver $1,952,000 Washing, Pressing, and Filtering hours $1,317,500 Number of bottles Standard 49,000 hours 340,000 bottles Additional information about each grade of olive oil is as follows: Direct Direct Grade Standard Extra Virgin Sales Revenue Costs $5,200,000 $900,000 Materials Labor Costa $375,000 $3,100,000 $600,000 $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 Extra Virgin 111,000 hours 85,000 bottles