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. Activity Total Activity Cost Cost Driver Standard Extra Virgin Washing, Pressing & Filtering (WPF) $ 1,694,000 Washing, Pressing, and Filtering hours 46,600 hours 107,400 hours Bottling $ 750,500 Number of bottles 316,000 bottles 79,000 bottles Additional information about each grade of olive oil is as follows: Grade Sales Revenue Direct Materials Costs Direct Labor Costs Standard $ 5,140,000 $ 900,000 $ 375,000 Extra Virgin $ 2,500,000 $ 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.