TamariskCompany is considering two capital investment proposals. Estimates regarding each project are provided below: Project Nuts Project Soup $480000 44000 144000 $680000 Initial investment Annual net income Net annual cash inflow Estimated useful life Salvage value 46000 165000 5 years 0 6 years 0 The company requires a 10% rate of return on all new investments, Periods 5 Present Value of an Annuity of 1 9% 10% 11% 12% 3.89 3.791 3.696 3.605 4.486 4.355 4.231 4.111 6 7 The internal rate of return for Project Nuts is approximately O 12% O 10%. O 11%. O 9% In Bonita Industries's income statement, they report actual gross proht of $56500 and the following variances: $420 Materials price F Materials quantity 600 F Labor price 420 U 1000 Labor quantity F Overhead 900 F Bonita would report gross profit at standard of O $57340 O $54000 O $50660 O $51500