please answer within the format by providing formula the detailed workingPlease provide answer in text (Without image)Please provide answer in text (Without image)Please provide answer in text (Without image) Rosehut Olive Oil Company makes two grades of olive oil: standard and extra virgin. Rosehut has identified two activity pools, therelated costs per pool, the cost driver for each pool, and the expected usage for each pool.Total ActivityCostActivityWashing, Pressing & Filtering (WPF)Bottling$1,694,000$ 750,500Additional information about each grade of olive oil is as follows:DirectMaterialsCoatsGradeStandardExtra VirginSales Revenue$5,140,000$ 2,500,000$ 900,000$ 600,0003. Determine total manufacturing cost for each product.4. Calculate the gross profit for each productRequired:1. Calculate the activity rate for each activity pool.2. Using the activity rates, determine the total amount of overhead assigned to each product.Required 1 Required 2ActivitiComplete this question by entering your answers in the tabs below.Required 3 Required 4Calculate the activity rate for each activity pool.Note: Round your answers to 2 decimal places.Cost DriverWashing, Pressing, and Filtering hoursNumber of bottlesDirect LaborCoats$375,000$ 150,000CONDStandard46,600 hours316,000 bottlesExtra Virgin.107,400 hours79,000 bottles

Direct material cost is the cost of raw material produced or purchased for producing the final…

Rosehut Olive Oil Company makes two grades of olive oil: standard and extra virgin. Rosehut has identified two activity pools, the related costs per pool, the cost driver for each pool, and the expected usage for each pool Total Activity Coat Activity Washing, Pressing & Filtering (WPT) $1,694,000 $750,500 Bottling Additional information about each grade of olive oil is as follows: Grade Standard Extra Virgin Sales Revenue $5,140,000 $ 2,500,000 Direct Materials Costa $ 900,000 $ 600,000 Cost Driver Washing, Pressing, and Filtering hours Number of bottles Direct Labor Costs $375,000 $ 150,000 Required: 1. Calculate the activity rate for each activity 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. Standard 46,600 hours 316,000 bottles Extra Virgin 107,400 hours 79,000 bottles

Rosehut Olive Oil Company makes two grades of olive oil: standard and extra virgin. Rosehut has identified two activity pools, the related costs per pool, the cost driver for each pool, and the expected usage for each pool Total Activity Coat Activity Washing, Pressing & Filtering (WPT) $1,694,000 $750,500 Bottling Additional information about each grade of olive oil is as follows: Grade Standard Extra Virgin Sales Revenue $5,140,000 $ 2,500,000 Direct Materials Costa $ 900,000 $ 600,000 Cost Driver Washing, Pressing, and Filtering hours Number of bottles Direct Labor Costs $375,000 $ 150,000 Required: 1. Calculate the activity rate for each activity 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. Standard 46,600 hours 316,000 bottles Extra Virgin 107,400 hours 79,000 bottles

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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