2 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. Total Activity Activity Cost Cost Driver Washing, Pressing & Filtering (WPP) Bottling $1,952,000 Washing, Pressing, and Filtering hours $1,317,500 Number of bottles Standard. 49,000 hours 340,000 bottles 138 23 Additional information about each grade of olive oil is as follows: oped Direct Grade Sales Revenue Materials Direct Labor Costa Standard Book Extra Virgin $900,000 $5,200,000 $3,100,000 $600,000 Conta $375,000 $150,000 int rint ences 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. Complete this question by entering your answers in the tabs below. 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 Extra Virgin 111,000 hours 85,000 bottl Total Activity Activity Cost Cost Driver Washing, Pressing & Filtering (WPF) Bottling $1,952,000 Washing, Pressing, and Filtering hours $1,317,500 Number of bottles Additional information about each grade of olive oil is as follows: Direct Direct Grade Sales Revenue Materials Standard. $5,200,000 Extra Virgin Costs $900,000 $375,000 $3,100,000) $600,000 $150,000 Labor Costa 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. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 31 Required 4 Standard 49,000 hours 340,000 bottles. Using the activity rales, determine the total amount of overhead assigned to each product. (Round activity rates to 2 decimal places.) Extra Virgin Activity Activity Rate WPF Bottling Standard Activity for Standard Overhead assigned to Standard Activity for Extra Virgin Overhead assigned to Extra Virgin Extra Virgin 111,000 hours 85,000 bottle Total Activity Activity Washing, Pressing & Filtering (WPP) Bottling Cost Cost Driver $1,952,000 Washing, Pressing, and Piltering hours $1,317,500 Number of bottles) Additional information about each grade of olive oil is as follows: Standard 49,000 hours 340,000 bottles Extra Virgin 111,000 hours 85,000 bottles Direct Direct Grade Standard Sales Revenue $5,200,000 Materials Labor Costs $900,000 Extra Virgin $3,100,000 Costa $375,000 $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. Complete this question by entering your answers in the tabs below. 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 $ $ Activity Total Activity Cost. Cost Driver Washing, Pressing & Filtering (WPP) Bottling $1,952,000 Washing, Pressing, and Filtering hours, $1,317,500 Number of bottles. Additional information about each grade of olive oil is as follows: Sales Direct Materials Direct Labor Standard Grade Extra Virgini Revenue $5,200,000 Costa $900,000 Costs $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. Complete this question by entering your answers in the tabs below. 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 Standard 49,000 hours Extra Virgin 111,000 hours 340,000 bottles 85,000 bottle