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A company manufactures two product models, a standard model and a premium model. The company considers all of its manufacturing overhead to be fixed and it uses a plant wide manufacturing overhead cost allocation based on direct labor hours. Selling and admin expenses are allocated based on sales. Employees on the assembly line make $22 per hour. Direct materials cost $42 for the basic model and 60 for the advanced model. The company is considering changing to charging overhead on a departmental basis, rather than using a single plant wide rate. The Assembly department would be based on direct labor hours and the Packaging department would be based on machine hours. Additional data includes: 1. Calculate the plant wide overhead rate and the amount of overhead that would be assigned to each product line using the plant wide rate; 2. Calculate the departmental rates for assembly and packaging. Calculate the total amount of overhead assigned to each product line. 3. Using the departmental rate, create a new income statement by product line (allocate selling and admin expenses. based on sales dollars)